<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
For the Quarterly Period Ended March 31, 1997
-------------------------------------------------
[_] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
For the Transition Period from ________________________ to _____________________
Commission File Number 33-80076
---------------------------------------------------------
SNB BANCSHARES, INC.
- --------------------------------------------------------------------------------
(Name of Small Business Issuer in its Charter)
GEORGIA 58-2107916
- ---------------------------------------- -----------------------------------
State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization Identification No.)
700 WALNUT STREET, MACON,GEORGIA 31208
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Issuer's Telephone Number (912) 722-6200
------------------------------------------------------
SAME AS ABOVE
- --------------------------------------------------------------------------------
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act 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. X Yes ___ No
---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. ___ Yes ___ No
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
1.684,560 Shares of $1.00 par value common stock as of March 31, 1997
- --------------------------------------------------------------------------------
Transitional Small Business Disclosure Format (Check One): ___ Yes ___ No
<PAGE>
SNB BANCSHARES, INC. AND SUBSIDIARY
INDEX
<TABLE>
<CAPTION>
PAGE
NUMBER
--------
<S> <C>
PART I Financial Information
Condensed Consolidated Balance Sheet 1
Condensed Consolidated Statements of Income 2
Condensed Consolidated Statements of Cash Flows 3
Notes to Condensed Consolidated Financial Statements 4
Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
PART II Other Information
ITEM 2 Changes in Securities 12
ITEM 6 Exhibits and Reports on Form 8-K 13
</TABLE>
<PAGE>
PART I, ITEM 1
FINANCIAL INFORMATION
SNB BANCSHARES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 1997
(UNAUDITED)
<TABLE>
ASSETS
<S> <C>
CASH AND DUE FROM BANKS $ 6,097,534
-------------
FEDERAL FUNDS SOLD 3,680,000
-------------
INVESTMENTS SECURITIES 29,259,829
-------------
LOANS 88,331,816
-------------
PREMISES AND EQUIPMENT 3,345,228
-------------
OTHER ASSETS 2,577,348
-------------
TOTAL ASSETS $133,291,755
=============
LIABILITIES AND STOCKHOLDERS' EQUITY
DEPOSITS $114,264,769
-------------
BORROWED MONEY 1,551,131
-------------
OTHER LIABILITIES 1,928,310
-------------
117,744,210
-------------
STOCKHOLDERS' EQUITY
Common Stock, Par Value $1 Per Share; Authorized
2,500,000 Shares, Issued 1,684,560 Shares 1,684,560
Paid-In Capital 9,684,012
Retained Earnings 4,259,181
Unrealized Loss on Securities Available for Sale, Net of Tax (80,208)
-------------
15,547,545
-------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $133,291,755
=============
</TABLE>
The accompanying notes are an integral part of this condensed consolidated
balance sheet.
-1-
<PAGE>
PART I, ITEM 1 (CONTINUED)
FINANCIAL INFORMATION
SNB BANCSHARES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31
(UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
---------- ----------
<S> <C> <C>
INTEREST INCOME $2,770,803 $2,336,620
INTEREST EXPENSE 1,183,765 1,124,400
---------- ----------
NET INTEREST INCOME 1,587,038 1,212,220
PROVISION FOR LOAN LOSSES 60,000 27,000
---------- ----------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,527,038 1,185,220
NONINTEREST INCOME 287,749 239,235
NONINTEREST EXPENSE 1,228,464 970,579
---------- ----------
INCOME BEFORE INCOME TAXES 586,323 453,876
INCOME TAXES 174,924 124,388
---------- ----------
NET INCOME $ 411,399 $ 329,488
========== ==========
PRIMARY EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE $ .22 $ .23
========== ==========
FULLY-DILUTED EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE $ .22 $ .23
========== ==========
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING 1,903,243 1,451,466
========== ==========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
-2-
<PAGE>
PART I, ITEM 1 (CONTINUED)
FINANCIAL INFORMATION
SNB BANCSHARES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31
(UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
CASH PROVIDED BY OPERATIONS $ 1,774,679 $ 274,078
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Sale (Purchase) of Investment Securities 3,229,031 1,484,835
Net Loans Made to Customers (3,953,717) (6,428,031)
Purchase of Premises and Equipment (871,085) (102,047)
Proceeds from Sale of Other Real Estate 172,159 -
Proceeds from Sale of Repossessions 13,482 -
------------ ------------
(1,410,130) (5,045,243)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Demand, Interest-Bearing
Demand and Savings Deposits (467,639) 5,428,315
Net Increase in Time Certificates 1,700,746 (1,023,857)
Repayment of Demand Note to the U.S. Treasury (259,464) (149,098)
Principal Payments on Other Borrowed Money (2,329,150) (27,500)
Proceeds from Issuance of Common Stock 401,058 1,750,100
Dividends Paid (101,074) (74,954)
------------ ------------
(1,055,523) 5,903,006
------------ ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (690,974) 1,131,841
CASH AND CASH EQUIVALENTS, BEGINNING 10,468,508 5,632,830
------------ ------------
CASH AND CASH EQUIVALENTS, ENDING $ 9,777,534 $ 6,764,671
============ ============
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
-3-
<PAGE>
PART I, ITEM 1 (CONTINUED)
FINANCIAL INFORMATION
SNB BANCSHARES, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(1) BASIS OF PRESENTATION
The consolidated financial statements include SNB Bancshares, Inc. and its
wholly-owned subsidiary, Security National Bank (the Bank), located in Macon,
Georgia. All intercompany accounts have been eliminated in consolidation.
The financial information included herein is unaudited; however, such
information reflects all adjustments which are, in the opinion of management,
necessary to fairly state the financial position and results of operations for
the interim periods presented.
(2) LOANS
Loans as of March 31, 1997 are comprised of the following:
<TABLE>
<S> <C>
Commercial $16,611,166
Real Estate-Construction 2,173,511
Real Estate-Other 62,485,201
Installment Loans to Individuals for Personal Expenditures 8,673,140
------------
89,943,018
Allowance for Loan Losses (1,447,608)
Unearned Interest and Fees (163,594)
------------
$88,331,816
===========
</TABLE>
Nonperforming Assets
The following table presents the Company's nonperforming assets as of March 31,
1997:
<TABLE>
<CAPTION>
($ IN
THOUSANDS)
-------------
<S> <C>
Impaired and Other Nonaccrual Loans $ 609
Loans Past Due 90 Days or More and Still Accruing Interest 249
Restructured Loans not Included in the Above -
-------------
TOTAL NONPERFORMING LOANS 858
Other Real Estate Owned 527
-------------
TOTAL NONPERFORMING ASSETS $ 1,385
=============
</TABLE>
-4-
<PAGE>
PART I, ITEM 1 (CONTINUED)
FINANCIAL INFORMATION
(2) LOANS (CONTINUED)
Loans are generally reported at principal amount less unearned interest and
fees. On January 1, 1995, the Company adopted Statement of Financial Accounting
Standards (SFAS) No. 114, Accounting by Creditors for Impairment of a Loan and
SFAS No. 118, Accounting by Creditors for Impairment of a Loan-Income
Recognition and Disclosures. Impaired loans are loans for which principal and
interest are unlikely to be collected in accordance with the original loan terms
and, generally, represent loans delinquent in excess of 90 days which have been
placed on nonaccrual status and for which collateral values are less than
outstanding principal and interest. Small balance, homogeneous loans are
excluded from impaired loans. Generally, interest payments received on impaired
loans are applied to principal. Upon receipt of all loan principal, additional
interest payments are recognized as interest income on the cash basis. The
adoption of SFAS 114 and 118 did not result in significant changes to the
allowance for loan losses and, accordingly, did not have a material impact on
the financial statements.
Other nonaccrual loans are loans for which payments of principal and interest
are considered doubtful of collection under original terms but collateral values
equal or exceed outstanding principal and interest.
(3) EARNINGS PER SHARE
Earnings per common share and common equivalent share and fully diluted earnings
per share for the three-month period ended March 31, 1997 were computed assuming
all 310,560 outstanding stock options were exercised as of the beginning of
calendar year 1997. The exercise of the option was included in the earnings per
share computation using the treasury stock method and assuming an average market
price for SNB Bancshares, Inc. stock of $13.989 and a closing market price of
$14.501 for the first quarter of 1997. Consequently, 229,636 shares of stock
from the exercise were considered to be common stock equivalents. In the
computation of fully diluted earnings per share, 234,250 shares of stock from
the exercise were considered to be common stock equivalents.
(4) ALLOWANCE FOR LOAN LOSSES
The allowance method is used in providing for losses on loans. Accordingly, all
loan losses decrease the allowance and all recoveries increase it. The provision
for loan losses is based on factors which, in management's judgment, deserve
current recognition in estimating possible loan losses. Such factors considered
by management include growth and composition of the loan portfolio, economic
conditions and the relationship of the allowance for loan losses to outstanding
loans.
An allowance for loan losses is maintained for all impaired loans. Provisions
are made for impaired loans upon changes in expected future cash flows or
estimated net realizable value of collateral. When determination is made that
impaired loans are wholly or partially uncollectible, the uncollectible portion
is charged off.
-5-
<PAGE>
PART I, ITEM 1 (CONTINUED)
FINANCIAL INFORMATION
(4) ALLOWANCE FOR LOAN LOSSES (CONTINUED)
The following table presents the Company's loan loss experience on all loans for
the three months ending March 31:
<TABLE>
<CAPTION>
($ in Thousands)
------------------
1997 1996
-------- --------
<S> <C> <C>
ALLOWANCE FOR LOAN LOSSES, JANUARY 1 $1,383 $1,128
-------- --------
Charge-Offs
Commercial, Financial and Agricultural 60 9
Real Estate - Construction - -
Real Estate - Mortgage 27 -
Consumer 33 8
-------- --------
120 17
-------- --------
Recoveries
Commercial, Financial and Agricultural 1 1
Real Estate - Mortgage 121 14
Consumer 3 3
-------- --------
125 18
-------- --------
NET RECOVERIES 5 1
-------- --------
PROVISION FOR LOAN LOSSES 60 27
-------- --------
ALLOWANCE FOR LOAN LOSSES, MARCH 31 $1,448 $1,156
======== ========
RATIO OF NET RECOVERIES TO AVERAGE LOANS 0.01% 0.00%
======== ========
</TABLE>
(5) INVESTMENT SECURITIES
The Bank records investment securities under Statement of Financial Accounting
Standards (SFAS) No. 115, Accounting for Certain Investments in Debt and Equity
Securities. In accordance with the provisions of SFAS 115, the Bank elected to
classify securities individually as either available for sale or held to
maturity. Securities classified as held to maturity are recorded at amortized
cost. Those classified as available for sale are adjusted to market value
through a tax-effected increase or reduction in stockholders' equity.
-6-
<PAGE>
PART I, ITEM 1 (CONTINUED)
FINANCIAL INFORMATION
(5) INVESTMENT SECURITIES (CONTINUED)
Investment securities as of March 31, 1997 are summarized as follows:
<TABLE>
<CAPTION>
GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED FAIR
SECURITIES AVAILABLE FOR SALE COST LOSSES LOSSES VALUE
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
U.S. Treasuries $ 4,037,930 $ 10,067 $ (5,942) $ 4,042,055
U.S. Government Agencies
Mortgage Backed 289,999 10,192 (503) 299,688
Other 13,432,359 16,050 (226,552) 13,221,857
State, County and Municipal 4,621,235 84,319 (9,160) 4,696,394
Other 583,300 583,300
----------- ----------- ----------- -----------
$22,964,823 $120,628 $(242,157) $22,843,294
=========== =========== =========== ===========
SECURITIES HELD TO MATURITY
U.S. Government Agencies
Mortgaged Backed $ 2,687 $ (5) $ 2,682
Other 1,000,000 $ 150 1,000,150
State, County and Municipal 5,413,848 76,582 (11,821) 5,478,609
----------- ----------- ----------- -----------
$ 6,416,535 $ 76,732 $ (11,826) $ 6,481,441
=========== =========== =========== ===========
</TABLE>
Unrealized holding losses, net of tax, on securities available for sale in the
amount of $82,208 has been charged to stockholders' equity as of March 31, 1997.
(6) PREMISES AND EQUIPMENT
Premises and equipment are comprised of the following as of March 31, 1997:
<TABLE>
<S> <C>
Land $ 741,686
Building 1,646,372
Furniture, Fixtures and Equipment 1,965,421
Leasehold Improvements 100,810
------------
4,454,289
(1,109,061)
------------
$ 3,345,228
============
</TABLE>
Depreciation charged to operations totaled $69,604 for the quarter ended March
31, 1997.
-7-
<PAGE>
PART I, ITEM 1 (CONTINUED)
FINANCIAL INFORMATION
(7) STOCKHOLDERS' EQUITY
During the first quarter of 1997, the Company issued 29,708 shares of additional
common stock in a private placement to new directors and executive officers
joining the Company. These new shares were issued at current market value
resulting in an increase in common stock of $29,708 and an increase in paid-in
capital of $371,350.
The Company is required to maintain minimum amounts of capital to total "risk
weighted" assets, as defined by the banking regulations. As of March 31, 1997,
the Company is required to have minimum Tier 1 and Total Capital Ratios of 4
percent and 8 percent, respectively, and a leverage ratio (Tier 1 Capital to
average assets) of at least 4 percent. The Company's actual ratios as of March
31, 1997 are as follows:
<TABLE>
<CAPTION>
ACTUAL MINIMUM
-------- ---------
<S> <C> <C>
Tier 1 Capital Ratio 15.68% 4.00%
Total Capital Ratio 16.93% 8.00%
Leverage Ratio 12.11% 4.00%
</TABLE>
(8) NONCASH FINANCING ACTIVITIES
Noncash investing activities for the three months ended March 31 are as follows:
<TABLE>
<CAPTION>
1997 1995
-------- ---------
<S> <C> <C>
Acquisition of Real Estate through Loan Foreclosure $425,526 $ -
======== =========
</TABLE>
-8-
<PAGE>
PART I, ITEM 2
FINANCIAL INFORMATION
SNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following narrative presents management's discussion and analysis of SNB
Bancshares, Inc.'s (SNB's) financial condition and results of operations as of
and for the three-month periods ended March 31, 1997 and 1996. The historical
financial statements of SNB are set forth elsewhere herein. This discussion
should be read in conjunction with those financial statements and the other
financial information included in this quarterly report. As SNB has no
subsidiaries other than Security National Bank (the Bank), the following
discussion refers to the financial condition and operations of the Bank.
FINANCIAL CONDITION
The financial condition of SNB Bancshares, Inc. and subsidiary (SNB) for the
quarter ended March 31, 1997 continues to show strong growth as compared to
December 31, 1996. Cash flows from investing activities reveal a shift in
interest-earning assets between SNB's investment and loan portfolios. Since
December 31, 1996, SNB has funded an additional $3,954,000 in loans while
reducing current debt outstanding by $2,589,000. Deposit growth continued for
the first quarter evidenced by net cash inflows of $1,233,000 from customer
deposits. Compared to the quarter ended March 31, 1996, total assets have grown
by 17.3 percent, loans have grown by 26.8 percent and customer deposits have
grown by 17.3 percent.
In order to better serve its growing customer base, SNB continued to expand its
existing facilities through the acquisition of two additional branch locations
and the leasing of a modern operations center facility. SNB is also in the
process of renovating its original main office location on Riverside Drive in
Macon, Georgia which will house its executive offices. Net expenditures for bank
premises and equipment during the first quarter 1997 totaled $871,000 for a net
increase of 35 percent since March 31, 1996 and 32 percent since December 31,
1996.
CAPITAL RESOURCES
During the first quarter of 1997, SNB issued an additional 29,708 shares of
common stock resulting in an increase in capital of $401,058. Since March 31,
1996, equity capital has increased by $5,174,000 or 49.9 percent. Book value per
share has increased from $7.61 as of March 31, 1996 to $9.23 as of March 31,
1997 as a result of continued profitability and contributed capital. For the
quarter ended March 31, 1997, equity capital equaled 11.16 percent of total
assets compared to 9.13 percent for the same period in 1996.
Current regulatory standards require bank holding companies to maintain a
minimum risk based capital ratio of qualifying total capital to risk weighted
assets of 8.0 percent, with at least 4.0 percent of the capital consisting of
Tier 1 capital, and a Tier 1 leverage ratio of at least 4.0 percent.
Additionally, the regulatory agencies define a well capitalized bank as one
which has a leverage ratio of at least 5 percent, Tier 1 capital ratio of at
least 6 percent and a total risk based capital ratio of at least 10 percent. As
of March 31, 1996, SNB's total risk based capital ratio, Tier 1 capital ratio
and Tier 1 leverage ratio were all in compliance at 16.93 percent, 15.68 percent
and 12.11 percent, respectively.
-9-
<PAGE>
PART I, ITEM 2 (CONTINUED)
FINANCIAL INFORMATION
LIQUIDITY
SNB manages its liquidity position to ensure adequate cash flow for deposit
withdrawals and credit commitments. Needs are met through loan repayments, net
interest and fee income and the sale and maturity of existing investments. In
addition, liquidity is continuously provided through the acquisition of new
deposits or the renewal of maturing deposits. As of March 31, 1997, the
percentage of net loans to deposits was 78.57, compared to 72.74 as of March 31,
1996 and 75.08 as of December 31, 1996. Cash and cash equivalents totaled
$9,778,000 as of March 31, 1997 compared with $10,469,000 as of December 31,
1996. Cash provided from operations totaled $1,775,000 for the first quarter of
1997 compared to $274,000 for the same period in 1996. Cash used in investing
and financing activities for the first quarter of 1997 totaled $1,410,000 and
$1,056,000, respectively. Net loans made to customers and the reduction of
outstanding debt accounted for the majority of cash outflows. The Bank has
established relationships with its correspondent banks which will enable it to
borrow additional funds as needed. As of March 31, 1997, SNB had $1,551,000 in
other borrowed money.
SNB has an asset/liability committee which continually monitors the relationship
of interest-earning assets and interest-bearing liabilities as it relates to
SNB's goals.
RESULTS OF OPERATIONS
Interest Income and Interest Expense
Interest income for the three months ended March 31, 1997 totaled $2,770,803
compared to $2,336,620 for the same period in 1996 representing an increase of
$434,183 or 18.6 percent. This increase is primarily attributable to loan growth
of 26.8 percent resulting in an increase in interest and fees on loans of
$875,000 or 23.7 percent. Interest on investment securities totaled $439,000 for
the first quarter of 1997, of which 29.9 percent represents tax-free interest on
state, county and municipal obligations. This is comparable to the same period
of 1996 when interest on investments totaled $458,000, of which 27 percent of
interest from investments was tax-free.
Interest paid on customer deposits totaled $1,123,000 for the first quarter of
1997 compared to $1,054,000 for the same period in 1996 representing an increase
of $69,000 or 6.5 percent. Total customer deposits increased by 17.3 percent
over the same period.
Interest income exceeded interest expense by $1,587,000 for the three months
ended March 31, 1997 resulting in an increase of $375,000 over the prior year
period ended March 31. The Bank's net interest rate margin increased 45 basis
points to 5.49 percent as of March 31, 1997 compared to 5.04 percent as of March
31, 1996.
-10-
<PAGE>
PART I, ITEM 2 (CONTINUED)
FINANCIAL INFORMATION
Provision for Loan Losses
The Bank provided $60,000 for potential loan losses for the three months ended
March 31, 1997 compared to $27,000 for the same period in 1996. The amount of
the provision for loan losses is the result of judgment made by management after
giving due consideration to the credit worthiness and size of the loan
portfolio. The increase in the 1997 provision for loan losses was based
primarily on growth in the loans outstanding along with an increase in
nonperforming assets.
Management seeks to maintain the allowance for loan losses at a level which will
be adequate under current economic conditions. However, management's judgment is
based upon a number of assumptions about future events, which are believed to be
reasonable, but which may or may not prove valid. Thus, there can be no
assurance that charge-offs in future periods will not exceed the allowance for
possible loan losses, that additional increases in the allowance will not be
required, or that any particular level of allowance for possible loan losses
will be maintained.
As of March 31, 1997, the allowance for loan losses was 1.61 percent of
outstanding loans less unearned interest. As of March 31, 1996, the comparable
level was 1.63 percent.
Noninterest Income and Noninterest Expenses
Noninterest income consists of service charges on deposits, other service
charges, commissions and fees, security transactions and other miscellaneous
income. For the quarter ended March 31, 1997, service charges on deposits
totaled $243,000 or 84 percent of total noninterest income. This level of
service charges represents a 65 percent increase over the same period for 1996
when service charges on deposits totaled $147,000 or 61 percent of noninterest
income. This trend is reflective of the aforementioned increase in customer
deposits.
Noninterest expenses consist of salaries and employee benefits, occupancy,
furniture and equipment expense and other miscellaneous operating expenses. For
the first quarter of 1997, salary and employee benefits expense totaled $624,000
or 51 percent of noninterest expenses compared to $506,000 or 52 percent of
noninterest expenses for the same period of 1996. Salary and employee benefits
increased 23.3 percent over this period due to the increased staffing required
for SNB's expansion efforts. In total, noninterest expenses increased 26.6
percent for the first quarter of 1997 compared to the first quarter of 1996
which is also reflective of SNB's planned growth. Although noninterest expenses
increased, SNB's overhead efficiency ratio for the quarter ended March 31, 1997
was calculated at 67.79 percent compared to 69.43 percent for the same period in
1996.
Net Income
Net income for the quarter ended March 31, 1997 equaled $411,000 compared to
$329,000 for the same period in 1996, representing a 24.9 percent increase. This
can be attributed in part to the increase in interest-earning assets which
represent 128.85 percent of interest-bearing liabilities as of March 31, 1997
compared to 122.79 percent as of the same date in 1996. Return on average assets
increased 4 basis points from 1.24 percent for the quarter ended March 31, 1996
to 1.28 percent for the quarter ended March 31, 1997. Return on average equity
for the three months ended March 31, 1997 was calculated at 11.14 percent
compared to 14.00 percent for the same period ended March 31, 1996. This decline
is due to the increase in capital from a successful stock offering during this
same period.
-11-
<PAGE>
PART II
OTHER INFORMATION
SNB BANCSHARES, INC. AND SUBSIDIARY
ITEM 2
CHANGES IN SECURITIES (LIMITATIONS UPON PAYMENT OF DIVIDENDS)
The information required for limitations upon payment of dividends is
incorporated herein by reference to the Company's annual report of 10-KSB,
Exhibit 99, filed with the Securities and Exchange Commission for the year ended
December 31, 1996 (File No. 33-80076).
ITEM 6
EXHIBITS AND REPORTS ON FORM 8-K
<TABLE>
<CAPTION>
PAGE
----------------
<S> <C>
(A) EXHIBITS INCLUDED HEREIN AND INCORPORATED BY REFERENCE:
3(a) - Articles of Incorporation N/A
- Filed as Exhibit 3 to the Registrant's Registration Statement on Form
SR-2 (File No. 33-80076), Filed with the Commission on September
30, 1996 and Incorporated Herein
3(b) - Bylaws N/A
- Filed as Exhibit 3 to the Registrant's Registration Statement on Form
SR-2 (File No. 33-80076), Filed with the Commission on September
30, 1996 and Incorporated Herein
11 - Statement Re Computation of Per Share Earnings Page 5,
Footnote 3
27 - Financial Data Schedule Attachment
</TABLE>
(B) REPORTS ON FORM 8-K
No reports on Form 8-K have been filed by the registrant during the
quarter ended March 31, 1997.
-12-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, SNB Bancshares, Inc. has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized:
SNB BANCSHARES, INC.
__________________________________________
H. Averett Walker
President/Chief Executive Officer
Date:_____________________________________
__________________________________________
Michael T. O'Dillon
Senior Vice-President/Treasurer/Chief Financial Officer
Date:_____________________________________
-13-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 6,097,534
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,680,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 22,843,294
<INVESTMENTS-CARRYING> 6,416,535
<INVESTMENTS-MARKET> 6,481,441
<LOANS> 89,779,424
<ALLOWANCE> 1,447,608
<TOTAL-ASSETS> 133,291,755
<DEPOSITS> 114,264,769
<SHORT-TERM> 208,631
<LIABILITIES-OTHER> 1,928,311
<LONG-TERM> 1,342,500
0
0
<COMMON> 1,684,560
<OTHER-SE> 13,862,985
<TOTAL-LIABILITIES-AND-EQUITY> 133,291,755
<INTEREST-LOAN> 2,296,523
<INTEREST-INVEST> 439,006
<INTEREST-OTHER> 35,274
<INTEREST-TOTAL> 2,770,803
<INTEREST-DEPOSIT> 1,123,351
<INTEREST-EXPENSE> 1,183,764
<INTEREST-INCOME-NET> 1,587,038
<LOAN-LOSSES> 60,000
<SECURITIES-GAINS> 2,640
<EXPENSE-OTHER> 1,228,464
<INCOME-PRETAX> 586,323
<INCOME-PRE-EXTRAORDINARY> 411,399
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 411,399
<EPS-PRIMARY> .22
<EPS-DILUTED> .22
<YIELD-ACTUAL> 5.23
<LOANS-NON> 608,835
<LOANS-PAST> 249,000
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<ALLOWANCE-OPEN> 1,383,000
<CHARGE-OFFS> 120,000
<RECOVERIES> 125,000
<ALLOWANCE-CLOSE> 1,448,000
<ALLOWANCE-DOMESTIC> 1,448,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
