FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ended June 30, 1997
[ ] 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 0-20886
OHSL FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
DELAWARE
31-1362390
(State of Incorporation) (I.R.S. Employer Identification No.)
5889 Bridgetown Road, Cincinnati, Ohio
(Address of principal executive office)
45248
(Zip Code)
(513) 574-3322
(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, 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.
CLASS SHARES OUTSTANDING AT JUNE 30, 1997
common stock, $.01 par value 1,195,950
<PAGE>
FORM 10-QSB
INDEX
Part I. Financial Information:
Page
Item 1. Financial Statements
Consolidated Statements of Financial Condition 3-4
Consolidated Statements of Income 5-6
Consolidated Statements of Changes in
Stockholders' Equity 7
Consolidated Statements of Cash Flows 8
Notes to Consolidated Financial Statements 9-10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
11-14
Part II. Other Information:
Item 1. Legal Proceedings 15
Item 2. Changes in Securities 15
Item 3. Defaults upon Senior Securities 15
Item 4. Submission of Matters to a Vote of Security Holders 15
Item 5. Other Information 16
Item 6. Exhibits and Reports on Form 8-K 16
Signatures 17
<PAGE>
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
OHSL FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
June 30, December 31,
1997 1996
ASSETS
Cash and due from banks $ 3,444 $ 4,680
Short-term investments 3,499 3 693
Cash and cash equivalents 6,943 8,373
Interest-bearing balances with
financial institutions 100 100
Held-to-maturity securities (market
value of $38,577 and $28,953) 38,791 29,162
Available-for-sale securities 11,509 13,969
Loans held for sale 672 436
Loans receivable-net 165,901 158,021
Office properties and equipment-net 2,259 2,398
Federal Home Loan Bank stock, at cost 1,572 1,518
Accrued interest receivable 1,596 1,371
Other assets 692 320
Total Assets $ 230,035 $ 215,668
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits $ 174,472 $ 169,486
Advances from Federal Home Loan
Bank 28,804 19,116
Accrued interest payable 261 215
Advances from borrowers for taxes
and insurance 220 690
Other liabilities 911 965
Total Liabilities 204,668 190,472
<PAGE>
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
OHSL FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (CONTINUED)
(Dollars in thousands except per share data)
June 30, December 31,
1997 1996
STOCKHOLDERS' EQUITY
Common stock, .01 par value, 3,500,000
shares authorized, 1,413,443 shares
issued at June 30, 1997 and 1,401,611
shares issued at December 31, 1996 $ 14 $ 14
Additional paid-in capital 13,862 13,652
Retained earnings 15,350 14,839
Unamortized cost of bank incentive plan (7) (15)
Unearned shares held by employee
stock ownership plan (430) (475)
Treasury stock (174,970 and 147,351
shares at cost) (3,377) (2,751)
Net unrealized gain/(loss) on
available-for-sale securities (45) (68)
Total Stockholders' Equity 25,367 25,196
Total Liabilities and
Stockholders' Equity $ 230,035 $ 215,668
See accompanying notes to consolidated financial statements.
<TABLE>
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
OHSL FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands except per share data)
<CAPTION>
Three months ended June 30, Six months ended June 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans, including related fees $ 3,442 $ 3,102 $ 6,835 $ 6,187
Short-term money market
investments 43 56 88 182
Interest-bearing balances with
financial institutions 2 6 3 14
Mortgage-backed investments 492 453 870 773
Other investments 457 381 863 759
Total Interest Income 4,436 3,998 8,659 7,915
INTEREST EXPENSE
Deposits 2,196 2,004 4,309 4,015
Federal Home Loan Bank advances 417 226 713 454
Total Interest Expense 2,613 2,230 5,022 4,469
NET INTEREST INCOME 1,823 1,768 3,637 3,446
Less provision for loan losses 6 4 22 4
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 1,817 1,764 3,615 3,442
NONINTEREST INCOME
Service charges and fees 51 56 106 111
Net gain/(loss) on loans
originated for sale 33 (4) 31 (12)
Commission income 14 7 24 7
Other income 11 33 24 48
109 92 185 154
NONINTEREST EXPENSE
Salaries and employee benefits 559 556 1,145 1,089
Occupancy and equipment
expense-net 168 130 339 242
Computer service expense 39 89 71 163
Deposit insurance assessment 28 91 55 179
Franchise taxes 85 85 167 167
Other operating expenses 271 162 437 324
1,150 1,113 2,214 2,164
</TABLE>
<TABLE>
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
OHSL FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)
(Dollars in thousands except per share data)
<CAPTION>
Three months ended June 30, Six months ended June 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
INCOME BEFORE TAXES $ 776 $ 743 $ 1,586 $ 1,432
Income tax provision 260 262 545 499
NET INCOME $ 516 $ 481 $ 1,041 $ 933
EARNINGS PER SHARE
(Note 3) $ 0.42 $ 0.38 $ 0.84 $ 0.74
</TABLE>
See accompanying notes to consolidated financial statements.
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
OHSL FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Dollars in thousands)
Six months ended June 30,
1997 1996
Balance at January 1 $ 25,196 $ 25,454
Net income 1,041 933
Amortization of cost of bank
incentive plan 7 15
Purchase of treasury stock (626) (431)
Stock options exercised 119 84
Dividends on common stock (530) (461)
ESOP shares earned during the
period 137 123
Change in net unrealized gain/
(loss) on available-for-sale
securities 23 (223)
Balance at June 30 $ 25,367 $ 25,494
See accompanying notes to consolidated financial statements.
<PAGE>
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
OHSL FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Six months ended June 30,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,041 $ 933
Adjustments to reconcile net income to
net cash from operating activities 3,445 (1,032)
Net cash from operating activities 4,486 (99)
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in interest-bearing balances
with financial institutions --- 500
Purchase of held-to-maturity securities (15,984) (11,199)
Purchase of available-for-sale securities --- (3,770)
Principal payments on held-to-maturity
securities 873 272
Principal payments on available-for-sale
securities 665 775
Proceeds from maturity of held-to-maturity
securities 5,500 7,070
Proceeds from sales of available-for-sale
securities 1,814 1,994
Loans made to customers net of payments
received (11,922) (6,083)
Purchase of property and equipment (29) (216)
Net cash from investing activities (19,083) (10,657)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits 4,986 5,721
Payments on advances from Federal Home
Loan Bank (7,812) (14,933)
Proceeds from Federal Home Loan Bank
advances 17,500 14,500
Net change in advances from borrowers
for taxes and insurance (470) (452)
Cash dividends (530) (461)
Purchase of treasury stock (626) (431)
Stock options exercised 119 84
Net cash from financing activities 13,167 4,028
Net change in cash and cash equivalents (1,430) (6,728)
Cash and cash equivalents at beginning of
period 8,373 14,318
Cash and cash equivalents at end of
period $ 6,943 $ 7,590
See accompanying notes to consolidated financial statements.
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
OHSL FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying consolidated financial statements were
prepared in accordance with instructions for Form 10-QSB and,
therefore, do not include information or footnotes necessary for a
complete presentation of financial position, results of operations
and cash flows in conformity with generally accepted accounting
principles. These interim financial statements were prepared in a
manner consistent with the annual financial statements and include
all adjustments (consisting of only normal recurring accruals)
which, in the opinion of management, are necessary for a fair
presentation of the financial statements.
2. Principles of Consolidation
The accompanying consolidated financial statements include
the accounts of OHSL Financial Corp. ("OHSL" or "the
Corporation"), Oak Hills Savings and Loan Company, F.A. ("Oak
Hills" or "the Company"), and its subsidiary, CFSC, Inc.
3. Earnings Per Share
Primary and fully diluted earnings per share are based on
the weighted average number of shares of common stock outstanding
during the period, adjusted for the effect of common stock
equivalents. The stock options outstanding are considered common
stock equivalents. Weighted average shares outstanding are
increased by the number of shares issuable under the options,
assuming full exercise, and reduced by the number of shares that
could, hypothetically, be reacquired using the proceeds from the
exercise of those options. The weighted average number of shares
outstanding for the three month periods ended June 30, 1997 and
1996 were 1,198,005 and 1,217,009, respectively. The weighted
average number of shares outstanding for the six month periods
ended June 30, 1997 and 1996 were 1,201,286 and 1,214,419,
respectively. The following table presents the number of shares
used to compute earnings per share for the periods indicated:
Fully Primary Diluted
Three months ended June 30, 1997 1,237,593 1,238,399
Three months ended June 30, 1996 1,259,172 1,259,172
Six months ended June 30, 1997 1,241,385 1,243,418
Six months ended June 30, 1996 1,258,481 1,258,481
The Corporation's earnings per share are presented below:
Fully Primary Diluted
Three months ended June 30, 1997 $ 0.42 $ 0.42
Three months ended June 30, 1996 $ 0.38 $ 0.38
Six months ended June 30, 1997 $ 0.84 $ 0.84
Six months ended June 30, 1996 $ 0.74 $ 0.74
4. Accounting Changes
Effective January 1, 1996, OHSL adopted Financial
Accounting Standard No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed of."
Management does not believe OHSL has any material assets subject
to this new Standard.
Effective January 1, 1996, OHSL adopted Financial
Accounting Standard No. 122, "Accounting for Mortgage
Servicing Rights." This Standard requires the basis of mortgage
loans originated and sold, with servicing retained, to be
allocated between the mortgage loan and the mortgage servicing
right, based upon the relative fair value of such assets. The
effect of this Standard will be to increase the gain, or reduce
the loss, recognized upon the sale of a mortgage loan and will
reduce future servicing fee income. The effect of adopting this
new Standard was not significant.
In 1996, the Financial Accounting Standards Board (FASB)
issued FAS 125-"Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities." This
Standard revises the accounting for transfers of financial
assets, such as loans and securities, and provides guidance on
distinguishing between sales and secured borrowings. It affects
certain transactions beginning in 1997 and others in 1998.
Management does not expect this standard to have a significant
effect on OHSL's financial condition or results of operations.
<PAGE>
PART I: FINANCIAL INFORMATION
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OHSL FINANCIAL CORP.
JUNE 30, 1997
FINANCIAL CONDITION:
Total assets increased from $215.7 million at December 31, 1996
to $230.0 million at June 30, 1997, an increase of $14.3 million
or 6.6%. During the first six months of 1997, loans receivable
increased by $7.9 million and held-to-maturity securities
increased by $9.6 million. These changes were funded primarily
by a $5.0 million increase in deposit accounts, by a $9.7 million
increase in advances from the Federal Home Loan Bank, by a
reduction in cash and cash equivalents of $1.4 million and by a
reduction in available-for-sale securities of $2.5 million.
The above changes are largely the result of growth initiatives
adopted by the Company, wherein the Company seeks to increase its
deposit base through a combination of new products and rate
incentives to customers, as well as somewhat more aggressive
lending and investment strategies.
Loans receivable, as noted above, increased $7.9 million in the
first half of 1997. Due to the relatively low interest rate
environment which existed throughout the first six months of 1997,
strong mortgage loan originations have been experienced by the
Company. The hiring of additional loan origination personnel and
the training of branch personnel in the loan origination process
has also contributed to higher loan origination volumes in 1997.
Held-to-maturity securities increased by $9.6 million during the
first six months of 1997. During this time period, OHSL purchased
$16.0 million of held-to-maturity securities. These investments,
which consist of $5.8 million of U.S. Agency obligations, a $5.0
million U.S. Agency mortgage-backed security and a $5.2 million
U.S. Agency collateralized mortgage obligation, were generally
acquired to take advantage of a positive interest rate spread over
the related borrowing cost or to meet liquidity requirements. The
increases noted above in both deposit accounts and Federal Home
Loan Bank borrowings were a direct result of these investment
activities.
The stockholders' equity of OHSL increased by $171,000 during the
first six months of 1997. The major components of this increase
are the Corporation's net income of $1,041,000 and the exercise
of stock options during the period by the Corporation's directors,
officers and employees of $119,000. These increases were offset
by the purchase of treasury shares under a stock repurchase
program of $626,000 and by dividends declared on the Corporation's
common stock of $530,000. Stockholders' equity therefore
increased to $25.4 million at June 30, 1997.
RESULTS OF OPERATIONS:
Net income for the six months ended June 30, 1997 was $1,041,000,
an increase of $108,000 or 11.6% over the net income for the six
months ended June 30, 1996. This represents earnings per share
(fully diluted) of $0.84 versus $0.74 for the same period in 1996.
Total interest income for the six months ended June 30, 1997 was
$8,659,000, compared to $7,915,000 for the same period in 1996.
This increase ($744,000 or 9.4%)is generally the result of larger
loan and investment balances carried during the first six months
of 1997.
Total interest expense for the six months ended June 30, 1997 was
$5,022,000, compared to $4,469,000 for the same period in 1996.
This increase ($553,000 or 12.4%) is generally attributable to the
higher levels of deposits and borrowings carried during the first
six months of 1997, as OHSL strives to increase its market share
of lending and deposit products and to take advantage of spread
opportunities as described above.
While both interest income and interest expense increased during
the first six months of 1997, net interest income for the six
months ended June 30, 1997 totaled $3,637,000, an increase of
$191,000 or 5.5% over the same period in 1996.
The Corporation's provision for loan losses totaled $22,000 for
the six months ended June 30, 1997, compared to $4,000 for the
same period in 1996. While the credit quality of the Company's
loan portfolio continues to be considered excellent by
management, the present growth of the loan portfolio and the
desire of the Company to modestly increase its originations of
multi-family, non-residential and consumer loans necessitates a
modest increase in the provision for loan losses.
Noninterest income for the six months ended June 30, 1997 was
$185,000, compared to $154,000 for the same period in 1996. This
increase ($31,000 or 20.1%) is largely attributable to a net gain
of $31,000 realized during the first six months of 1997 on loans
originated for sale, compared to a net loss of $12,000 on such
loans during the same period in 1996. Additionally, the Company
generated higher levels of commission income from its subsidiary,
CFSC, Inc., during the six months ended June 30, 1997 when
compared to the same period in 1996. CFSC markets mutual fund and
annuity products to the customers of the Company and to other area
residents. Due to staffing difficulties encountered in the
second quarter of 1997, future commission levels remain uncertain.
Noninterest expense for the six months ended June 30, 1997
was $2,214,000, compared to $2,164,000 for the same period in
1996. This increase ($50,000 or 2.3%) results from increases in
salaries and employee benefits expense of $56,000, occupancy and
equipment expense of $97,000, and other operating expenses of
$113,000, offset by reductions in computer service expense of
$92,000 and deposit insurance assessments of $124,000.
The above increase in salaries and employee benefits expense is
primarily the result of the hiring of personnel in 1997 to fill
positions which were vacant in the same period of 1996, coupled
with merit increases to the Company's staff. Occupancy and
equipment expense increased as the result of the Company's
decision to handle its data processing operations internally.
During 1996, the Company utilized the services of an outside data
processing vendor. This change involves additional expenses in
the areas of maintenance contracts and depreciation expense on
equipment purchased as a result of this change. The Company does,
however, realize a substantial cost savings in the area of
computer service expense, as fees to outside vendors have been
significantly reduced.
The Company's deposits are insured by the Savings Association
Insurance Fund ("SAIF"). As the result of legislation passed in
1996, the assessment rate paid by the Company in 1997 is
approximately $0.065 per $100 of deposits, compared to $0.23 per
$100 of deposits in 1996. Accordingly, the Company's expense in
this area has declined substantially in the first half of 1997
when compared to 1996.
Other operating expenses increased over 1996 amounts due to
increases in consulting fees, telephone expense, costs related to
the Company's data processing conversion and to other
miscellaneous expenses.
The income tax provision for the six months ended June 30, 1997
was $545,000, compared to $499,000 for the same period in 1996.
This increase ($46,000 or 9.2%) is attributable to the higher
level of pre-tax earnings generated in the first six months of
1997 when compared to the same period in 1996.
Liquidity:
In general terms, liquidity is a measurement of the cash, cash
equivalents and other items which are convertible into cash in the
event that funds are needed in order to provide for future
operations. The primary sources of liquidity are cash, short-term
investments (such as Federal Funds and funds in eligible
"Overnight" type accounts), and qualifying securities which
mature within defined periods, such as one-year maturity and
five-year maturity obligations. Federal regulations require the
Corporation's subsidiary, Oak Hills Savings and Loan Company,
F.A., to maintain certain minimum levels of liquid assets.
Generally, current federal regulations require the liquid assets
(as defined) of the Company to be 5.0% of the Company's total
assets (also as defined). At June 30, 1997, the Company's liquid
assets totaled $9.1 million or 6.2%.
The factors which are expected to have a continuing impact on the
level of Oak Hills' liquidity are as follows: (1) loan demand;
(2) net deposit flows in subsequent periods; (3) corporate
needs for cash in order to fund ongoing operations; (4) other cash
needs as they may arise.
Based upon its projections, management anticipates that liquidity
will remain at or near current levels for the near future. Oak
Hills does have the ability to raise cash through borrowing
arrangements with the Federal Home Loan Bank of Cincinnati,
through the purchase of Federal funds and through other borrowing
sources. In addition, the parent company (OHSL Financial Corp.)
could also be a source of liquidity by lending funds to Oak Hills,
by guaranteeing the credit of Oak Hills or through other
arrangements. Management is of the opinion that current liquidity
levels are adequate.
Capital Resources:
OHSL's equity capital totaled $25.4 million at June 30, 1997, an
increase of $171,000 from December 31, 1996. As discussed more
fully in the Financial Condition section, the major components of
this increase include the net income for the first half of 1997
and the exercise of stock options, which were offset by the
purchase of treasury stock and by dividends declared on the common
stock.
Federal regulations require savings associations to maintain
certain minimum levels of regulatory capital. Regulations
currently require tangible capital, as defined by regulation,
divided by total assets (also as defined) to be at least 1.5%.
The regulations also require core capital, as defined by
regulation, divided by total assets (also as defined) to be at
least 4.0%. Finally, the regulations require risk-based capital
(as defined) divided by total assets (as defined) to be at least
8.0%. Oak Hills' compliance with these requirements at June 30,
1997 is summarized below:
Amount Percent (%) of (000)
Applicable Assets
Tangible capital $20,597 9.13 %
Requirement 3,384 1.50 %
Excess $17,213 7.63 %
Core capital $20,597 9.13 %
Requirement 9,023 4.00 %
Excess $11,574 5.13 %
Risk-based capital $21,106 19.24 %
Requirement 8,774 8.00 %
Excess $12,332 11.24 %
At June 30, 1997, the book value per share of OHSL common stock
was $21.21 based upon 1,195,950 outstanding shares.
<PAGE>
PART II: OTHER INFORMATION
OHSL FINANCIAL CORP.
JUNE 30, 1997
Item 1. LEGAL PROCEEDINGS
There are no material pending legal proceedings.
Item 2. CHANGES IN SECURITIES
Not applicable.
Item 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) The Corporation held its annual meeting of
stockholders on April 17, 1997.
(b) The following matters were voted upon at
the annual stockholders' meeting: election of the board of
directors, the ratification of the appointment of Crowe, Chizek
and Company LLP as auditors of the Company for the fiscal year
ending December 31, 1997, and a stockholder proposal proposing
that the stockholders of the Company urge its Board of Directors
to "examine the company's position for the potential gain in
shareholder value through the sale or merger of the company" and
from that examination, produce a written report that describes how
such a sale or merger would influence the value of the stock (the
"Stockholder Proposal"). The number of votes cast for, against or
withheld (as well as the number of abstentions) as to each matter
are set forth below:
Election of the following Directors for a three-year term:
For Withheld
Kenneth L. Hanauer 1,014,972
36,547
Thomas E. McKiernan 1,013,972
37,547
Howard H. Zoellner 1,013,372
38,147
Ratification of Crowe, Chizek & Company as auditors
for fiscal year ending December 31, 1997:
For 1,038,850
Against 9,384
Abstain 3,285
Stockholder Proposal:
For 189,845
Against 569,534
Withheld 30,411
Further information regarding these matters may be
found in the Company's Proxy Statement dated March 19, 1997 which
is herein incorporated by reference.
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
On April 18, 1997, the Registrant filed a Form 8-K to
report the issuance of a press release announcing earnings for the
three months ended March 31, 1997.
On May 30, 1997, the Registrant filed a Form 8-K to
report the issuance of a press release announcing the payment of a
cash dividend.
<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.
OHSL Financial Corp.
Date: August 12, 1997 By:/s/ Kenneth L. Haunauer
Kenneth L. Hanauer
President and Chief
Executive Officer
(Principal Executive
Officer)
Date: August 12, 1997 By:/s/ Patrick J. Condren
Patrick J. Condren
Treasurer and Chief
Financial Officer
(Principal Financial and
Accounting Officer)
<PAGE>
OHSL Financial Corp.
Article 9 - Reg. S-X Information
Form 10-QSB
Quarter ended June 30, 1997
(000)
Item No. Description Amount
9-03(1) cash and due from banks 6,263
9-03(2) interest bearing deposits 100
9-03(3) federal funds sold 680
9-03(4) trading account assets 0
9-03(6) inv and mbs held for sale 11,509
9-03(6) inv and mbs HTM - carrying value 38,791
9-03(6) inv and mbs HTM - market value 38,577
9-03(7) loans 166,421
9-03(7)(2) allowance for losses 520
9-03(11) total assets 230,035
9-03(12) deposits 174,472
9-03(13) short term borrowings 11,532
9-03(15) other liabilities 1,392
9-03(16) long term debt 17,272
9-03(19) pfd. stock - mandatory red. 0
9-03(20) pfd. stock -no mand. red. 0
9-03(21) common stock 14
9-03(22) other stockholders equity 25,353
9-03(23) total liab and stock. equity 230,035
9-04(1) int and fees on loans 3,442
9-04(2) int and div on investments 949
9-04(4) other interest income 45
9-04(5) total interest income 4,436
9-04(6) interest on deposits 2,196
9-04(9) total interest expense 2,613
9-04(10) net interest income 1,823
9-04(11) prov. for loan losses 6
9-04(13)(h) inv. securities gains/losses 0
9-04(14) other expenses 1,150
9-04(15) income/loss before income tax 776
9-04(17) income/loss before ext. items 776
9-04(18) extraordinary items 0
9-04(19) cum. change in acctg. prin 0
9-04(20) net income 516
9-04(21) eps - primary $ 0.42
9-04(21) eps - fully diluted $ 0.42
Industry Guide 3 information:
- -----------------------------
I.B.5 net yield - int. earning assets 3.32%
III.C.1(a) non-accrual loans 16
III.C.1(b) accruing loans 90 days or more 304
III.C.1(c) troubled debt restructurings 0
III.C.2 potential problem loans 0
IV A.1 allow for loan losses - beg. 511
IV A.2 total chargeoffs 0
IV A.3 total recoveries 9
IV A.4 allow for loan losses - end. 520
IV B.1 loan loss allow - domestic loans 340
IV B.2 loan loss allow - foreign 0
IV B.3 loan loss allow - unallocated 180
