SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
OR
0 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For transition period from ________ to ________
Commission File Number 0-20878
MNB BANCSHARES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 48-1120026
(State or other jurisdiction (I.R.S. Employer Identification Number)
of incorporation or organization)
800 Poyntz Avenue, Manhattan, Kansas 66502
(Address of principal executive offices) (Zip Code)
(785) 565-2000
(Registrant's telephone number, including area code)
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 reports), 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 Registrant's classes
of common stock as of the latest practicable date: As of August 13, 1998,
the Registrant had outstanding 1,299,386 shares of its common stock, $.01
par value per share.
MNB BANCSHARES, INC.
Form 10-Q Quarterly Report
Table of Contents
PART I
Page Number
Item 1. Financial Statements and Related Notes 1-6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-12
Item 3. Quantitative and Qualitative Disclosures about
Market Risk 12-13
PART II
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 15
Form 10-Q Signature Page 15
<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
June 30, December 31,
1998 1997
(Unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents:
Cash $4,095,934 $3,398,451
Interest-bearing deposits
in other financial institutions 1,300,000 3,300,000
Total cash and cash equivalents 5,395,934 6,698,451
Investment securities:
Held to maturity at amortized cost (estimated fair
value of $2,559,000 and $6,692,000 respectively) 2,684,507 6,669,809
Available-for-sale at estimated fair value 43,923,150 35,409,475
Loans, net 78,817,709 88,724,128
Premises and equipment, net 2,265,725 2,597,658
Other assets 4,232,581 4,652,570
Total assets $ 137,319,606 $ 144,752,091
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 114,474,878 $ 122,208,537
Other borrowings 8,390,360 9,099,379
Accrued expenses, taxes and other liabilities 1,696,807 1,168,326
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 4,095,934
<INT-BEARING-DEPOSITS> 1,300,000
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 43,923,150
<INVESTMENTS-CARRYING> 2,684,507
<INVESTMENTS-MARKET> 2,559,000
<LOANS> 80,479,981
<ALLOWANCE> 1,341,912
<TOTAL-ASSETS> 137,319,606
<DEPOSITS> 114,474,878
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,696,807
<LONG-TERM> 8,390,360
0
0
<COMMON> 12,994
<OTHER-SE> 13,009,876
<TOTAL-LIABILITIES-AND-EQUITY> 137,319,606
<INTEREST-LOAN> 3,885,762
<INTEREST-INVEST> 1,277,417
<INTEREST-OTHER> 217,954
<INTEREST-TOTAL> 5,381,133
<INTEREST-DEPOSIT> 2,636,829
<INTEREST-EXPENSE> 2,933,505
<INTEREST-INCOME-NET> 2,447,628
<LOAN-LOSSES> 60,000
<SECURITIES-GAINS> 10,795
<EXPENSE-OTHER> 2,243,918
<INCOME-PRETAX> 767,314
<INCOME-PRE-EXTRAORDINARY> 767,314
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 559,506
<EPS-PRIMARY> .43
<EPS-DILUTED> .42
<YIELD-ACTUAL> 3.83
<LOANS-NON> 256,848
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,335,024
<CHARGE-OFFS> 77,248
<RECOVERIES> 24,136
<ALLOWANCE-CLOSE> 1,341,912
<ALLOWANCE-DOMESTIC> 1,076,355
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 265,557
</TABLE>
