<PAGE>
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
-----------------------------------
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
--------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to _______
Commission File Number: No. 0-20464
Mid-Iowa Financial Corp.
_________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware
_________________________________________________________________
(State of other jurisdiction of incorporation or organization)
42-1389053
_________________________________________________________________
(I.R.S. Employer Identification No.)
123 West 2nd Street North, Newton, Iowa 50208
_________________________________________________________________
(Address of principal executive offices, zip code)
515-792-6236
_________________________________________________________________
(Registrant's telephone number, including area code)
_________________________________________________________________
(Former name, former address and former fiscal year, if changed
since last report)
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 report) and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
------ ------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
1,723,988 shares outstanding at April 30, 1998
This Form 10-QSB contains 14 pages
<PAGE>
<PAGE>
MID-IOWA FINANCIAL CORPORATION
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets at March 31,
1998 and September 30, 1997 1
Consolidated Statements of Operations for the
three months and six months ended March 31,
1998 and 1997 2
Consolidated Statements of Cash Flows for the
six months ended March 31, 1998 and 1997 3
Notes to Consolidated Financial Statements 4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
Part II. Other Information 10
Index of Exhibits 11
Signatures 12
<PAGE>
<PAGE>
MID-IOWA FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, September 30,
1998 1997
------------ ------------
Assets
<S> <C> <C>
Cash and cash equivalents $ 7,858,198 $ 3,563,299
Securities available for sale 5,302,843 4,982,662
Securities held to maturity 56,386,198 47,767,121
Loans Held for Resale 51,000 0
Loans receivable, net 71,578,200 66,417,985
Accrued interest receivable 916,082 867,663
Federal Home Loan Bank stock 1,950,000 1,650,000
Real estate, net 134,831 33,865
Office properties and equipment, net 2,615,430 2,587,127
Intangibles, net 11,925 12,978
Prepaid expenses and other assets 242,069 134,051
------------ ------------
Total assets $147,046,776 $128,016,751
============ ============
Liabilities and Stockholders' Equity
Deposits $ 96,537,646 $ 89,377,718
Borrowed funds 36,000,000 25,000,000
Advance payments by borrowers
for taxes and insurance 212,856 179,982
Accrued interest payable 911,299 945,890
Accounts payable and accrued expenses 313,378 374,738
Accrued taxes on income:
Current (35,679) 11,000
Deferred 97,407 66,295
------------ ------------
Total liabilities $134,036,907 $115,955,623
============ ============
Stockholders' Equity
Common Stock $ 17,299 $ 17,299
Additional paid-in capital 3,051,704 3,040,211
Retained earnings 9,910,582 9,298,166
Treasury Stock (36,889) (325,600)
Net unrealized gain on securities
available for sale 67,173 31,052
------------ ------------
Total stockholders' equity 13,009,869 12,061,128
------------ ------------
Total liabilities and stockholders'
equity $147,046,776 $128,016,751
============ ============
</TABLE>
See notes to consolidated financial statements.
-1-
<PAGE>
<PAGE>
MID-IOWA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Six Months
Ended March 31, ended March 31,
---------------------------- -----------------------
1998 1997 1998 1997
------------ ------------ --------- ----------
<S> <C> <C> <C> <C>
Interest income:
Loans $1,463,420 $1,293,962 $2,875,185 $2,587,263
Mortgage-backed and related securities 458,496 482,162 945,151 952,757
Investment securities 479,803 379,079 945,612 754,126
Other 102,894 27,189 151,116 51,454
---------- ---------- ---------- ----------
Total interest income 2,504,613 2,182,392 4,917,064 4,345,600
---------- ---------- ---------- ----------
Interest expense:
Deposits 1,030,538 909,096 2,060,059 1,838,124
Other borrowings 521,744 377,850 977,448 735,631
---------- ---------- ---------- ----------
Total interest expense 1,552,282 1,286,946 3,037,507 2,573,755
---------- ---------- ---------- ----------
Net interest income 952,331 895,446 1,879,557 1,771,845
Provision for losses on loans 15,000 24,000 30,000 33,000
---------- ---------- ---------- ----------
Net interest income after provision
for losses on loans 937,331 871,446 1,849,557 1,738,845
---------- ---------- ---------- ----------
Noninterest income:
Gain (loss) on sale of other assets 24,509 0 24,509 23,230
Fees and service charges 90,025 94,205 179,206 183,317
Other, primarily commissions 203,069 142,604 384,119 388,217
---------- ---------- ---------- ----------
Total noninterest income 317,603 236,809 587,834 594,764
---------- ---------- ---------- ----------
Noninterest expense:
Compensation and benefits 326,991 306,834 646,465 582,778
Office properties and equipment 95,033 66,405 186,057 130,337
Federal insurance premiums 14,217 13,464 27,311 48,965
Data processing services 42,809 37,157 82,837 72,408
Expense on real estate, net (1,260) (6,975) (1,771) (6,544)
Other 282,482 199,189 533,512 457,544
---------- ---------- ---------- ----------
Total noninterest expense 760,272 616,074 1,474,411 1,285,488
---------- ---------- ---------- ----------
Income before taxes on income 494,662 492,181 962,980 1,048,121
Taxes on income 165,274 168,590 282,800 352,000
---------- ---------- ---------- ----------
Net income $ 329,388 $ 323,591 $ 680,180 $ 696,121
========== ========== ========== ==========
Earnings per common equivalent
share:
Basic: $ 0.19 $ 0.19 $ 0.40 $ 0.41
Diluted: $ 0.19 $ 0.19 $ 0.40 $ 0.41
========== ========== ========== ==========
Average common shares outstanding 1,716,766 1,674,498 1,702,291 1,664,867
========== ========== ========== ==========
</TABLE>
See notes to consolidated financial statements.
-2-
<PAGE>
<PAGE>
MID-IOWA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Six Months Ended
March 31,
----------------------------
1998 1997
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 680,180 $ 696,121
Origination of loans held for sale (153,400) 0
Proceeds from sale of loans held for sale 102,400 0
Items not requiring (providing) cash-
Depreciation 82,800 54,800
Amortization (82,763) (23,612)
Provision for loan losses 30,000 33,000
(Gain) loss on sale of real estate (24,509) (23,230)
Changes in -
Accrued interest receivable (48,419) 18,042
Accrued interest payable (34,591) 28,730
Current taxes on income (46,679) 18,027
Deferred taxes on income 31,112 2,901
Other, net (185,999) (363,151)
------------ ------------
Net cash provided by operating activities $ 350,132 $ 441,628
------------ ------------
Cash flows from investing activities:
Purchase of investment securities (20,100,000) (5,383,620)
Purchase of investment securities AFS (500,000) (388,612)
Proceeds from maturity of investments 8,761,677 2,000,000
Principal collected on mortgage-backed
and related securities 3,035,623 1,663,577
Net change in loans to customers (5,190,215) (2,976,103)
Proceeds from sale of real estate 13,057 26,682
Real estate acquired by foreclosure (89,514)
Purchase of office properties and equipment (111,103) (1,017,940)
Purchase of Federal Home Loan Bank Stock (300,000) (125,000)
------------ ------------
Net cash (used in)provided by investing
activities $(14,480,475) $ (6,201,016)
----------- ------------
Cash flows from financing activities:
Net change in deposits 7,159,928 3,015,046
Proceeds from borrowed funds 11,000,000 4,500,000
Advances from borrowers for taxes & ins. 32,874 20,441
Proceeds from exercise of stock options 300,204 52,225
Payments to acquire treasury stock 0 (47,813)
Dividends paid (67,764) (66,735)
----------- ------------
Net cash provided by financing activities $18,425,242 $ 7,473,164
----------- ------------
Increase in cash and cash equivalents 4,294,899 1,713,776
Cash and cash equivalents at beginning
of period 3,563,299 1,147,204
----------- ------------
Cash and cash equivalents at end of period $ 7,858,198 $ 2,860,980
=========== ============
Supplemental disclosure of cash flow information:
Cash payments for:
Interest paid during the period $ 1,586,873 $ 2,545,025
Taxes on income $ 329,479 $ 333,973
Supplemental schedule of noncash activities:
Contract sales of real estate owned $ 0 $ 0
Transfer of loans to real estate owned $ 91,795 $ 0
</TABLE>
See notes to consolidated financial statements.
-3-
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MID-IOWA FINANCIAL CORP. AND SUBSIDIARIES
1. BASIS OF PRESENTATION
The consolidated financial statements for the three and
six months ended March 31, 1998 are unaudited. In the opinion of
Management of Mid-Iowa Financial Corp. (the "Registrant or
Company") these financial statements reflect all adjustments,
consisting only of normal occurring accruals, necessary to
present fairly these consolidated financial statements. Certain
information and footnote disclosure normally included in
financial statements prepared in accordance with generally
accepted accounting principals have been omitted.
2. ORGANIZATION
The Company was organized as a Delaware corporation in
June, 1992 at the direction of Mid-Iowa Savings Bank, F.S.B. (the
Bank) for the purpose of becoming a savings and loan holding
company, as part of the Bank's conversion from a mutual to a
stock institution.
3. PRINCIPALS OF CONSOLIDATION
The consolidated financial statements include the accounts
of the Company and its wholly owned subsidiaries, Mid-Iowa
Security Corporation and the Bank and its wholly owned
subsidiary, Center of Iowa Investments, Limited. The principle
business activities of Mid-Iowa Security Corporation are the
development and sale of real estate and real estate brokerage
services. Center of Iowa Investments, Limited provides credit
reporting and collection services, sells investment products, and
provides discount securities brokerage. All material
intercompany accounts and transactions have been eliminated.
4. EARNINGS PER SHARE COMPUTATIONS
Earnings per share - basic is computed using the weighted
average number of common shares outstanding.
Earnings per share - diluted is computed using the
weighted average number of common shares outstanding after
giving effect to additional shares assumed to be issued in
relation to the Company's stock option plans using the ending
price per share for the period, when applicable. Such
additional shares were 118,213 for the three months ended March
31, 1998 and 125,988 for the six months ended March 31,
1998.
-4-
<PAGE>
<PAGE>
5. EFFECT OF NEW FINANCIAL ACCOUNTING STANDARDS
Statement of Financial Accounting Standards No. 128
"Earnings Per Share" was issued in February, 1997. The
statement is effective for periods ending after December 15,
1997 and may not be adopted prior to such date. The Company
expects to adopt the Statement when required and management
believes adoption will not have a material effect on
disclosures of earnings per share.
-5-
<PAGE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION
General
Mid-Iowa Financial Corp. ("Mid-Iowa" or the "Company") was
formed in June of 1992 by Mid-Iowa Savings Bank, F.S.B. (the
"Bank") to become the thrift institution holding company of the
Bank. The acquisition of the Bank by the Company was
consummated on October 13, 1992 in connection with the Bank's
conversion from the mutual to stock form (the "Conversion").
The primary business of the Company has historically
consisted of attracting deposits from the general public and
providing financing for the purchase of residential properties.
The operations of the Company are significantly affected by
prevailing economic conditions as well as by government policies
and regulations relating to monetary and fiscal affairs, housing
and financial institutions.
The Company's net income is primarily dependent upon the
difference (or "spread) between the average yield earned on
loans, mortgage-backed and related securities and investments,
and the average rate paid on deposits and borrowing, as well as
the relative amounts of such assets and liabilities. The
interest rate spread is affected by regulatory, economic and
competitive factors that influence interest rates, loan demand
and deposit flows. The Company, like other thrift institutions,
is subject to interest rate risk to the degree that its interest
bearing liabilities mature or reprice at different times, or on
a different basis, than its interest-earning assets. Based on
our review of our internal bookkeeping practices and our
conferences with our third party service companies, we do not
expect to incur significant additional bookkeeping, data
processing or other expenses, and in particular we do not expect
to encounter significant difficulties with our data processing
service provider, in connection with issues related to the
upcoming millennium (that is, "Year 2000" issues).
The Company's net income is also affected by, among other
things, gains and losses on sales of loans and foreclosed
assets, provisions for possible loan losses, service charges and
other fees, commissions received from subsidiary operations,
operating expenses and income taxes. Center of Iowa
Investments, Limited, a wholly-owned subsidiary of the Bank,
generates revenues by the sale of insurance, annuities, mutual
fund and other investment products to its customers as well as
providing discount securities brokerage, credit reporting and
collecting services. Mid-Iowa Security Corporation, a wholly-
owned subsidiary of the Company, generates revenues by real
estate brokerage services, and real estate development.
Financial Condition
Total assets increased by $19.0 million to $147.0 million
at March 31, 1998 compared to $128.0 million at September 30,
1997. This increase was primarily due to an increase in
investment securities of $8.6 million to $56.4 million at
March 31, 1998 compared to $47.8 million at September 30, 1997.
Loans receivable increased to $71.6 million at March 31, 1998
from $66.4 million at September 30, 1997. Cash and cash
equivalents increased to $7.9 million at March 31, 1998 from $3.6
million at September 30, 1997. The increase in assets was funded
primarily by a $11.0 million increase in borrowed funds from
$25.0 million at September 30, 1997 to $36.0 million at March 31,
1998. The Jasper County Treasurer had deposits with the Bank of
approximately $7.0 million in excess of normal deposits due to
the receipt of second quarter real estate taxes. These funds
were deposits for a period of two weeks and do not represent
normal deposit balances. These excess deposits were invested in
short term investments.
-6-
<PAGE>
<PAGE>
Results of Operations
The Company's results of operations depend primarily on
the level of its net interest income and noninterest income and
the level of its operating expenses. Net interest income
depends upon the volume of interest-earning assets and interest-
bearing liabilities and interest rates earned or paid on them.
During the six months ended March 31, 1998, the Company's
operating strategy to improve its profitability and capital
position continued to emphasize (i) maintenance of the Company's
asset quality, (ii) asset liability management, (iii) management
of operating expenses to improve operating income, and (iv)
expanding loan origination.
Comparison of three month and six month periods ended March 31,
1998 and March 31, 1997.
General. The Company's net income increased by $5,000 to
$329,000 for the three months ended March 31, 1998 from net
income of $324,000 for the same period in 1997 and decreased by
$16,000 to $680,000 for the six months ended March 31, 1998 from
net income of $696,000 for the same period in 1997. The primary
reason for the decrease was an increase of $189,000 in non-
interest expense due in part to additional expenses associated
with the new West Des Moines branch, partially offset by an
increase of $108,000 in net interest income.
Interest Income. Interest income increased $323,000 to
$2.5 million from $2.2 million for the three months, and
$571,000 to $4.9 million from $4.3 million for the six months
ended March 31, 1998 primarily as a result of an increase in
earning assets of $19.2 million from $123.9 million to $143.1
million at March 31, 1997 and 1998 respectively. The average
yield on interest earning assets decreased to 7.43% at March 31,
1998 from 7.49% at March 31, 1997.
Interest Expense. Interest expense increased $265,000 to
$1.6 million from $1.3 million in the three months and $464,000
to $3.0 million from $2.6 million for the six months ended March
31, 1998 due primarily to an increase in interest bearing
liabilities of $21.4 million from $111.5 million to $132.9
million at March 31, 1998 and by an increase in average interest
rates paid on deposits to 4.88% at March 31, 1998 from 4.75% at
March 31, 1997.
Net Interest Income. The interplay of the changes in
interest income and expenses caused net interest income to
increase $57,000 to $952,000 for the three months ended March
31, 1998 and $108,000 to $1.9 million for the six months ended
March 31, 1998 compared to the same periods in 1997. The
Company's average spread (the mathematical difference between
the yield on interest-earning assets and the cost of interest-
bearing liabilities) decreased to 2.55% and 2.55% from 2.66% and
2.74% for the three and six month periods ended March 31, 1998
and 1997 respectively. The Company's net interest margin (net
interest income divided by average interest-earning assets)
decreased to 2.82% and 2.86% for the three and six months ended
March 31, 1998.
Non-Performing Assets and Loan Loss Provision. Management
establishes specific reserves for estimated losses on loans when
it determines that losses are anticipated on these loans. The
Company calculates any allowance for possible loan losses based
upon its ongoing
-7-<PAGE>
<PAGE>
evaluation of pertinent factors underlying the types and quality
of its loans. These factors include, but are not limited to,
the current and anticipated economic conditions including
uncertainties in the national real estate market, the level of
classified assets, historical loan loss experience, a detailed
analysis of individual loans for which full collectibility may
not be assured, a determination of existence and fair value for
the collateral, the ability of the borrower to repay and the
guarantees securing such loans. Management, as a result of this
review process, recorded provisions for loan losses in the amount
of $15,000 for the three months ended March 31, 1998. The
Company's allowance for loan losses as of March 31, 1998 was
$298,000. The September 30, 1997 allowance for loan losses was
$302,000. Total nonperforming assets as of March 31, 1998 were
$104,000 or .07% of total assets. Net charge offs for the
quarter were $12,000. The ratio of allowance for loan losses to
non-performing assets at March 31, 1998 was 290.38%.
The Company will continue to monitor and adjusts its
allowance for loan losses as management's analysis of its loan
portfolio and economic conditions dictate. However, although
the Company maintains it allowance for loan losses at a level
which it considers to be adequate to provide for potential
losses, in view of the continued uncertainties in the economy
generally and the regulatory uncertainty pertaining to reserve
levels for the thrift industry generally, there can be no
assurance that such losses will not exceed the estimated amounts
or that the Company will not be required to make additional
substantial additions to its allowance for losses on loans in
the future.
Noninterest Income. Noninterest income increased $81,000
and decreased $7,000 to $318,000 and $588,000 in the three and
six months ended March 31, 1998 from $237,000 and $595,000 in
the same periods for 1997. This increase for the three month
period is primarily due to higher commission income of the real
estate subsidiary of the Company. As a result noninterest
income generated for the three months by the nonbank
subsidiaries increased to $215,000 from $129,000. The
noninterest income generated by the non-Bank subsidiaries
remained constant at $380,000 for the six month period ended
March 31, 1998 compared to March 31, 1997.
Noninterest Expense. Noninterest expense increased
$144,000 and $189,000 to $760,000 and $1.5 million in the three
and six months ended December 31, 1998 from $616,000 and $1.3
million in the same periods of 1997. This increase for the
three month period was primarily due to increases in commissions
related to the real estate subsidiary of the Company discussed
above and expense associated with the West Des Moines office.
Noninterest expense attributable to the nonbank subsidiaries
increased to $170,000 and $334,000 compared to $123,000 and
$314,000 for the three and six months ended March 31, 1998 and
1997 respectively.
Income Taxes. Income taxes for the three and six months
ended March 31, 1998 decreased to $165,000 and $283,000 from
$169,000 and $352,000 in the same periods for 1997 due to
corresponding changes in taxable income.
Liquidity and Capital Resource
The Bank's sources of funds are deposits, sales of
mortgage loans, amortization and repayment of loan principal and
mortgage-backed and related securities and, to a lesser extent,
maturation of investments and funds from other operations.
While maturing investments are predictable, deposit flows and
loan repayments are influenced by interest rates, general
economic conditions, and competition making them less
predictable. The Bank attempts to price its
-8-<PAGE>
<PAGE>
deposits to achieve its asset/liability objectives and will from
time to time supplement deposits with longer term and/or less
expense alternative sources of funds including FHLB advances.
Federal regulations historically have required the Bank to
maintain minimum levels of liquid assets. The required
percentage has varied from time to time based on economic
conditions and savings flows, and is currently 4% of net
withdrawable savings deposits with maturities of less than one
year and borrowings payable on demand or in one year or less
during the preceding calendar month. Liquid assets for purposes
of this ratio include cash, certain time deposits, U.S.
government and certain corporate securities and other
obligations. The Bank has historically maintained its liquidity
ratio at levels in excess of those required. At March 31, 1998
the amount of the Company's liquidity was $36.7 million,
resulting in a liquidity ratio of 44.5%. At September 30, 1997
the Bank's liquid assets (as defined) totalled $5.9 million
resulting in a liquidity ratio of 6.5%. The increase in
liquidity was due primarily to the change in the method of
calculating the ratio as described above.
Liquidity management is both a daily and long-term
responsibility of management. The Bank adjusts its investments
in liquid assets based upon management's assessment of (i)
expected loan demand, (ii) expected deposit flows, (iii) yields
available on interest bearing deposits, and (iv) the objectives
of its asset/liability management program. Excess liquidity is
invested generally in interest bearing overnight deposits and
other short term government and agency obligations. If the Bank
requires additional funds, beyond its internal ability to
generate, it has additional borrowing capacity with the Federal
Home Loan Bank of Des Moines and collateral eligible for
repurchase agreements. At March 31, 1998 the Bank had
outstanding advances from the FHLB of Des Moines in the amount
of $36.0 million and had the capacity to borrow up to an
additional $23 million.
The Bank used its liquidity resources principally to meet
ongoing commitments, to fund maturing certificates of deposit
and deposit withdrawals, to invest, to fund existing and future
loan commitments, to maintain liquidity and to meet operating
expenses.
At March 31, 1998 the Bank had tangible and core capital
of $10.4 million, or 7.2% of adjusted total assets, which was
approximately $8.3 million and $6.1 million above the minimum
requirements of 1.5% and 3.0% respectively, of the adjusted
total assets on that date. On March 31, 1998 the Bank had risk-
based capital of $10.7 million (including $10.4 million in core
capital), or 18.4% of risk-weighted assets of $58.3 million.
This amount was $6.0 million above the 8.0% requirement in
effect on that date. The Bank is presently in compliance with
all applicable regulatory capital requirements.
The Company has declared a cash divided of $.02 per share
for the quarters ended December 31, 1997 and March 31, 1998
respectively.
-9-
<PAGE>
<PAGE>
PART II
OTHER INFORMATION
ITEM 1 Legal Proceedings
-----------------
There are various claims and lawsuits in which the Registrant is
periodically involved incidental to the Registrant's business.
In the opinion of management, no material loss is expected from
any such pending claims or lawsuits.
ITEM 2 Changes in Securities
---------------------
Options on 13,900 shares were exercised during the period. The
balance of shares outstanding at March 31, 1998 was 1,723,988.
ITEM 3 Defaults Upon Senior Securities
-------------------------------
Not Applicable.
ITEM 4 Submission of Matters to a Vote of Security Holders
---------------------------------------------------
The Registrant convened its Annual Meeting of Stockholders on
January 19, 1998. At that meeting, the stockholders of the
Registrant considered and voted upon:
1. The election of directors, Kevin Ulmer, John Carl, and David
Sandeen. Kevin Ulmer was elected by a vote of 1,408,878
votes in favor, no votes opposed and 9,356 votes abstaining.
John Carl was elected by a vote of 1,408,878 votes in favor,
no votes opposed and 9,356 votes abstaining. David Sandeen
was elected by a vote of 1,408,878 votes in favor, no votes
opposed and 9,356 votes abstaining. There were no broker
non-votes for election of directors.
ITEM 5 Other Information
-----------------
Not Applicable.
ITEM 6 Exhibits and Reports on Form 8-K
--------------------------------
(a) The statement regarding computation of per share
earnings is attached hereto as Exhibit 11.
Financial Data Schedule is attached hereto as
Exhibit 27.
(b) None
-10-
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
MID-IOWA FINANCIAL CORP.
Date: May 14, 1998 /s/ Kevin D. Ulmer
-------------------------------------
Kevin D. Ulmer
President and Chief Executive Officer
/s/ Gary R. Hill
------------------------------------
Gary R. Hill
Executive Vice President and
Chief Financial Officer
-11-
<TABLE>
<CAPTION>
Year to Date
Six Months Six Months
Ended 3/31/98 Ended 3/31/98
-------------- --------------
<S> <C> <C>
Net earnings $ 329,388 $ 680,180
Weighted average shares outstanding 1,716,766 1,702,291
Earnings per common share - Basic $ 0.19 $ 0.40
========== ==========
Assumed average shares for stock options 220,078 234,553
Assumed purchase of shares using treasury
method for diluted earnings per share
Stock Options at 6.58 /ending price 118,213 125,988
Additional number of shares assumed
issued 101,865 108,565
Common and common equivalent shares
outstanding for diluted earnings
per share 1,818,631 1,810,856
Diluted earnings per common share $ 0.18 $ 0.38
========== ==========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
The schedule contains summary financial information extracted from the Annual
Report on Form 10QSB for the Quarter ended March 31, 1998 and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<CASH> 401,314
<INT-BEARING-DEPOSITS> 7,456,884
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 5,302,843
<INVESTMENTS-CARRYING> 56,386,198
<INVESTMENTS-MARKET> 56,739,757
<LOANS> 71,876,011
<ALLOWANCE> 297,811
<TOTAL-ASSETS> 147,046,776
<DEPOSITS> 96,537,646
<SHORT-TERM> 11,000,000
<LIABILITIES-OTHER> 1,499,261
<LONG-TERM> 25,000,000
<COMMON> 3,069,003
0
0
<OTHER-SE> 9,937,866
<TOTAL-LIABILITIES-AND-EQUITY> 147,046,776
<INTEREST-LOAN> 2,875,185
<INTEREST-INVEST> 1,890,763
<INTEREST-OTHER> 151,116
<INTEREST-TOTAL> 4,917,064
<INTEREST-DEPOSIT> 2,060,059
<INTEREST-EXPENSE> 977,448
<INTEREST-INCOME-NET> 1,879,557
<LOAN-LOSSES> 30,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,474,411
<INCOME-PRETAX> 962,980
<INCOME-PRE-EXTRAORDINARY> 962,980
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 680,180
<EPS-PRIMARY> 0.40
<EPS-DILUTED> 0.40
<YIELD-ACTUAL> 7.49
<LOANS-NON> 12,203
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 109,717
<ALLOWANCE-OPEN> 294,522
<CHARGE-OFFS> 12,970
<RECOVERIES> 1,259
<ALLOWANCE-CLOSE> 297,811
<ALLOWANCE-DOMESTIC> 297,811
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
