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Previous: ECO2 INC, NT 10-Q, 1996-08-15 |
Next: VIDEO SENTRY CORP, NT 10-Q, 1996-08-15 |
U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
(AMENDMENT NO. 1)
(Mark One)
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY
PERIOD ENDED JUNE 30, 1996
( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
TO
Commission file number 000-21658
MINDEN BANCSHARES, INC.
(Exact name of small business issuer as specified in its charter)
Louisiana 72-0980704
(State or other jurisdiction of (IRS Employer Identification No.)
Incorporation or organization)
401 Main Street, Minden, Louisiana 71055
(Address of principal executive offices) (Zip Code)
(318) 377-4283
(Issuer's's telephone number)
Check whether the issuer (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act of 1934 during
the past 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
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
280,549 as of July 31, 1996
Transitional Small Business Disclosure Format (Check one):
Yes No X
Page 1 of 38 Pages
Exhibit Index - 25
PART I - Financial Information
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
<S> <C> <C>
MINDEN BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1996 AND DECEMBER 31, 1995
(UAUDITED)
June December
ASSETS 1996 1995
-------------------------------------------(in thousands, except per share data)
Cash and Cash Equivalents:
Cash and Due From Banks $12,063 $11,121
Federal Funds Sold 12,500 21,500
--------- ---------
Total 24,563 32,621
--------- ---------
Securities:
Held to Maturity 14,661 14,443
Available for Sale 83,466 74,082
--------- ---------
Total 98,127 88,525
--------- ---------
Federal Reserve Bank and Federal Home Loan Bank Stock 1,185 1,037
Loans, Less Allowance for Loan Losses of $3,353 and $3,397 106,521 95,984
Accrued Interest Receivable 2,677 2,328
Bank Premises and Equipment 3,176 3,198
Real Estate Owned Other Than Bank Premises 367 376
Other Assets 3,127 2,942
--------- ---------
Total Assets $239,743 $227,011
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------------------------
Liabilities:
-----------
Deposits:
Demand $34,223 $35,698
Savings and Interest-Bearing Demand 75,351 70,510
Time 95,514 89,888
--------- ---------
Total Deposits 205,088 196,096
Securities Sold Under Repurchase Agreement 7,613 5,802
Accrued Interest Payable 860 787
Other Liabilities 554 137
Note Payable 180 180
--------- ---------
Total Liabilities 214,295 203,002
--------- ---------
Stockholders' Equity:
--------------------
Common Stock, par value $2.50 per share; 500,000
shares authorized; 309,816 shares issued;
280,627 and 280,658 shares outstanding 775 775
Additional Paid-In Capital 11,205 11,205
Undivided Profits 15,084 13,078
Net Unrealized Gain (Loss) on Available for Sale Securities (325) 239
Treasury Stock-At Cost (1,291) (1,288)
--------- ---------
Total Stockholders' Equity 25,448 24,009
--------- ---------
Total Liabilities and Stockholders' Equity $239,743 $227,011
========= =========
See accompanying notes.
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
MINDEN BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS & SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
Three Months Six Months
Ended June 30 Ended June 30
================== ===================
1996 1995 1996 1995
-------- -------- -------- ---------
Interest Income: (in thousands, except per share data)
---------------
Interest and Fees on Loans $2,542 $2,242 $5,016 $3,939
Securities:
Held to Maturity (non-taxable) 186 155 370 302
Available for Sale 1,191 1,118 2,257 2,273
Federal Funds Sold 256 278 535 381
Federal Reserve Stock and Other 17 48 35 28
Interest-Bearing Balances with Banks 20 0 58 34
-------- -------- -------- ---------
Total Interest Income 4,212 3,841 8,271 6,957
-------- -------- -------- ---------
Interest Expense:
----------------
Savings and Interest-Bearing Demand Deposits 527 487 1,029 866
Time Deposits 1,226 1,040 2,423 1,830
Securities Sold Under Repurchase Agreement and Other 76 74 144 142
-------- -------- -------- ---------
Total Interest Expense 1,829 1,601 3,596 2,838
-------- -------- -------- ---------
Net Interest Income 2,383 2,240 4,675 4,119
Provision for Loan Losses 0 0 0 0
-------- -------- -------- ---------
Net Interest Income After
Provision for Loan Losses 2,383 2,240 4,675 4,119
-------- -------- -------- ---------
Other Income:
------------
Service Charges 375 327 747 604
Trust Department Fees 3 20 35 22
Other Operating Income 128 88 279 160
-------- -------- -------- ---------
Total Other Income 506 435 1,061 786
-------- -------- -------- ---------
Operating Expenses:
------------------
Salaries and Employee Benefits 698 607 1,392 1,080
Occupancy Expense 88 103 288 174
Furniture and Equipment Expense 55 68 113 114
Other Operating Expenses 362 411 687 717
FDIC Insurance 6 95 25 182
Stationery, Supplies and Printing 31 118 69 180
-------- -------- -------- ---------
Total Operating Expense 1,240 1,402 2,574 2,447
-------- -------- -------- ---------
Income Before Income Taxes 1,649 1,273 3,162 2,458
Income Taxes 509 389 974 753
-------- -------- -------- ---------
Net Income $1,140 $884 $2,188 $1,705
======== ======== ======== =========
Earnings Per Share $4.06 $3.15 $7.80 $6.08
======== ======== ======== =========
Dividends Declared Per Share $0.65 $0.50 $0.65 $0.50
======== ======== ======== =========
See accompanying notes.
</TABLE>
<TABLE>
<S> <C> <C>
MINDEN BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
====================
1996 1995
--------- ---------
Cash Flows from Operating Activities: (in thousands, except per share data)
------------------------------------
Net Income $2,188 $1,705
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation and Amortization 169 165
(Gain) Loss on Sale of ORE (5) (13)
(Increase) Decrease in Accrued Interest Receivable (349) 9
Write-down on Real Estate Owned Other than Bank Premises 0 4
(Increase) Decrease in Other Assets 33 (2,069)
Increase (Decrease) in Accrued Interest Payable 73 232
Increase (Decrease) in Other Liabilities 417 308
--------- ---------
Total Adjustments 338 (1,364)
--------- ---------
Net Cash Provided (Used) by Operating Activities 2,526 341
0
Cash Flows from Investing Activities:
------------------------------------
Proceeds from Sales and Maturities of Investment Securities 28,110 8,701
Purchase of Investment Securities (38,713) (2,207)
Proceeds from Sales of ORE 14 67
Purchase of three branches-property 0 (1,050)
Purchase of Equipment (75) (228)
Net (Increase) Decrease in Loans (10,537) (25,153)
--------- ---------
Net Cash (Used) by Investing Activities (21,201) (19,870)
Cash Flows from Financing Activities:
------------------------------------
Dividends Paid (183) (140)
Net Increase (Decrease) in Demand Deposits (1,475) 8,260
Net Increase (Decrease) in Savings and Interest-Bearing
Demand Deposits 4,841 14,673
Net Increase (Decrease) in Time Deposits 5,626 18,163
Net Increase (Decrease) in Securities Sold Under
Repurchase Agreements 1,811 (1,312)
Purchase of Treasury Stock (3) (8)
--------- ---------
Net Cash Provided by Financing Activities 10,617 39,636
--------- ---------
Net Increase (Decrease) in Cash and Cash Equivalents (8,058) 20,107
Cash and Cash Equivalents at Beginning of Period 32,621 11,658
--------- ---------
Cash and Cash Equivalents at End of Period $24,563 $31,765
========= =========
Cash Payments: Interest $3,515 $2,606
========= =========
Income Taxes $943 $700
========= =========
See accompanying notes.
</TABLE>
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 hereunto duly authorized.
MINDEN BANCSHARES, INC.
August 15, 1996 BY:s/ Jack E. Byrd, Jr.
-----------------------------
Jack E. Byrd, Jr.
President and CEO
August 15, 1996 BY:s/ Robert W. Hines, Jr.
-----------------------------
Robert W. Hines, Jr.
Vice-President and
Chief Financial Officer
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