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Previous: VALRICO BANCORP INC, SC 13G, 2000-11-13 |
Next: VALRICO BANCORP INC, 10-Q, EX-27, 2000-11-13 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 2000
COMMISSION FILE NUMBER 33 ACT FILE NO. -33-90524
-------------------------
VALRICO BANCORP, INC.
---------------------
(Exact name of registrant as specified in its Charter)
(FLORIDA) 65-0553757
------------------------------- ------------------------------------
(State of other jurisdiction of (I.R.S. Employee Identification No.)
incorporation of organization)
1815 EAST STATE ROAD 60, VALRICO, FLORIDA 33594
----------------------------------------------------
(Address of principal executive offices and Zip Code)
(813) 689-1231
----------------------------------------------------
(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. (1) Yes [X] (2) No [ ]
As of september 30, 2000, there were 302,733 shares of common stock outstanding
<PAGE> 2
VALRICO BANCORP, INC.
INDEX
Page Number
-----------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated balance sheets -
September 30, 2000 and December 31, 1999 3
Consolidated statements of income -
Three and nine months ended September 30,
2000 and 1999 4
Consolidated statement of shareholders'
equity - Nine months ended September 30,
2000 and 1999 5
Consolidated statements of cash flows
- Nine months ended September 30,
2000 and 1999 6
Notes to consolidated financial statements 7
Item 2. Management's' Discussion and Analysis
of Financial Condition and Results of
Operations 8
PART II. OTHER INFORMATION 10
SIGNATURES 11
2
<PAGE> 3
VALRICO BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------- ------------
(In thousands)
<S> <C> <C>
Assets
Cash and Non Interest Bearing Deposits $ 4,503 $ 6,787
Federal Funds Sold 8,463 509
Securities Available for Sale 7,076 7,295
Securities Held to Maturity 1,751 1,839
Loans 66,191 62,385
Facilities 3,437 3,504
Other Real Estate -- 1
Accrued Interest Receivable 579 580
Other Assets 1,495 1,466
-------- --------
Total Assets $ 93,495 $ 84,366
======== ========
Liabilities
Deposits:
Demand Deposits $ 13,988 $ 13,080
NOW Accounts 16,552 15,110
Money Market Accounts 7,610 5,780
Savings Accounts 9,733 9,894
Time, $100,000 and over 11,089 8,850
Other Time Deposits 22,957 21,019
-------- --------
Total Deposits 81,929 73,733
Securities Sold Under Agreement to Repurchase 365 672
Accounts Payable and Accrued Liabilities 1,126 572
Long Term Loans Payable 3,124 3,168
Loan Payable 970 970
-------- --------
Total Liabilities 87,514 79,115
-------- --------
Commitments and Contingencies
StockHolders Equity
Common Stock, No Par Value, Authorized 1,000,000 shares, issued and outstanding
302,733 on September 30, 2000
Issued and outstanding 301,509 on Dec. 31, 1999 303 302
Capital Surplus 2,479 2,450
Retained Earnings 3,330 2,643
Accumulated Other Comprehensive Income (131) (144)
-------- --------
Total Stockholders Equity 5,981 5,251
-------- --------
Total Liabilities and Stockholders Equity $ 93,495 $ 84,366
======== ========
</TABLE>
See accompanying notes to Consolidated Financial Statements
3
<PAGE> 4
VALRICO BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2000 1999 2000 1999
-------- -------- -------- --------
(In thousands except for per share data)
<S> <C> <C> <C> <C>
Interest Income
Interest and Fees on Loans $ 1,565 $ 1,296 $ 4,600 $ 3,860
Interest on Investment Securities 131 123 397 360
Income on Federal Funds Sold 155 163 380 391
-------- -------- -------- --------
Total Interest Income 1,851 1,582 5,377 4,611
-------- -------- -------- --------
Interest Expense
Interest on Deposits 670 580 1,857 1,671
Other Interest 77 62 238 206
-------- -------- -------- --------
Total Interest Expense 747 642 2,095 1,877
-------- -------- -------- --------
Net Interest Income 1,104 940 3,282 2,734
Provision for Loan Losses 60 24 180 77
-------- -------- -------- --------
Net Interet Income after
Provision for loan losses 1,044 916 3,102 2,657
-------- -------- -------- --------
Other Income:
Service Charge on Deposit Accounts 209 197 602 529
Miscellaneous Income 25 24 83 77
-------- -------- -------- --------
Total Other Income 234 221 685 606
-------- -------- -------- --------
Other Expenses:
Salaries and Employee Benefits 530 453 1,546 1,306
Occupancy Expense 91 90 269 269
Equipment Expense 72 75 220 239
Stationary, Printing, and Supplies 31 34 97 108
Miscellaneous Expenses 184 201 535 595
-------- -------- -------- --------
Total Other Expenses 908 853 2,667 2,517
-------- -------- -------- --------
Income Before Income Taxes 370 284 1,120 746
Income Taxes 138 107 433 283
-------- -------- -------- --------
Net Income $ 232 $ 177 $ 687 $ 463
======== ======== ======== ========
Per share Information:
Average Shares Outstanding 302,325 308,749 302,325 308,749
======== ======== ======== ========
Net Income Per Share $ 0.77 $ 0.57 $ 2.27 $ 1.50
======== ======== ======== ========
</TABLE>
See accompanying notes to Consolidated Financial Statements
4
<PAGE> 5
VALRICO BANCORP, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
<TABLE>
<CAPTION>
Net
Unrealized Total
Holding Stock
Common Capital Retained Losses On Holders'
Stock Surplus Earnings Securities Equity
-------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1999 $ 302 $ 2,450 $ 2,643 $ (144) $ 5,251
Net Income 687 687
Stock Issue 1 29 30
Net Change in Net Unrealized
holding losses on securities 13 13
------- ------- ------- ------- -------
Balance, September 30, 2000 $ 303 $ 2,479 $ 3,330 $ (131) $ 5,981
======= ======= ======= ======= =======
Balance, December 31, 1998 $ 308 $ 2,566 $ 2,040 $ 9 $ 4,923
Net Income 463 463
Stock Sale 2 38 40
Treasury Stock Held (200) (200)
Net Change in Net Unrealized
holding losses on securities (115) (115)
------- ------- ------- ------- -------
Balance, September 30, 1999 $ 310 $ 2,604 $ 2,303 $ (106) $ 5,111
======= ======= ======= ======= =======
</TABLE>
See accompanying notes to Consolidated Financial Statements
5
<PAGE> 6
VALRICO BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
2000 1999
-------- --------
<S> <C> <C>
Cash Flows from Operating Activities
Net Income $ 687 $ 463
Adjustments to Reconcile net income to net
Cash provided by (used in) operating activities:
Provision for Loan Losses 180 77
Depreciation and amortization 195 218
Net amortization (accretion) of investments
Security premiums and discounts 5 7
(Increase) Decrease in assets:
Accrued Interest Receivable -- 16
Other Assets (57) (84)
Increase (Decrease) in liabilities
Accounts payable and Accrued Liabilities 554 (98)
-------- --------
Net Cash provided by (used in) operating
Activities 1,564 599
-------- --------
Cash flows from investing activities
Securities available for sale:
Purchase of investment securities -- (2,058)
Proceeds from maturates of investment securities 230 1,139
Securities to be Held to Maturity:
Proceeds from maturities of investment securities 92 174
(Increase) Decrease in Deferred income tax (7) --
(Increase) Decrease in Federal Funds Sold (7,954) (2,532)
Net (Increase) Decrease in Loans (3,986) (1,266)
Purchase of facilities (98) (344)
Proceeds from the sale of Other Real Estate -- --
-------- --------
Net Cash provided by (used in) Investing Activities (11,723) (4,887)
-------- --------
Cash flows form financing activities:
Increase (Decrease) in deposits 8,196 4,405
Increase (Decrease) in Federal funds purchased -- --
Net increase (Decrease) in securities sold under agreement
to repurchase (307) (236)
Net increase (Decrease)in notes payable (44) 410
Sale (redemption) of Common Stock 30 40
Sale (purchase) of Treasury Stock -- (200)
-------- --------
Net Cash Provided by (used by) financing activities 7,875 4,419
-------- --------
Net increase (decrease) in cash (2,284) 131
Cash, beginning of period 6,787 4,454
-------- --------
Cash, ending of period 4,503 $ 4,585
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest $ 1,744 $ 1,675
Income taxes $ 306 $ 133
</TABLE>
See accompanying notes to Consolidated Financial Statements
6
<PAGE> 7
VALRICO BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2000
BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles. In the opinion of
management, all necessary adjustments (consisting of normal recurring entries)
have been made for a fair presentation of the accompanying unaudited
consolidated financial statements. These financial statements rely, in part, on
estimates. The results for the period are not necessarily indicative of the
results to be expected for the entire year.
Valrico Bancorp, Inc., a one-bank holding company, acquired 100% of the common
stock of Valrico State Bank as of May 31, 1995 in a transaction accounted for
similar to a pooling of interests. Therefore, the unaudited consolidated
financial statements include the accounts of Valrico Bancorp, Inc. (the Company)
and its wholly owned subsidiary, Valrico State Bank (the Bank). Significant
intercompany balances and transactions have been eliminated in consolidation.
Net income per share has been computed by dividing net income by the average
number of common shares outstanding of 302,325 as of September 30, 2000, and
308,749 as of September 30, 1999.
7
<PAGE> 8
VALRICO BANCORP, INC.
MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company's primary asset is its subsidiary bank, which is in its eleventh
year of operation. During the nine months ended September 30, 2000, the Bank
experienced a growth in deposits with an increase of $8,196,000 or 11.11%. Money
Market Accounts had the highest percentage of growth at 31.67%, or an increase
of $1,830,000 in the nine months ended September 30, 2000.
Outstanding Loans increased $3,926,000 or 6.22% for the nine months ended
September 30, 2000. The allowance for credit losses at September 30, 2000 was at
$901,000 compared to $778,000 at December 31, 1999. The Bank had $113,000 in
charge-offs and had recoveries in the amount of $84,000 during the nine months
ended September 30, 2000, and has loan classified as troubled in the amount of
$21,000 as of September 30, 2000. A total of $180,000 was expensed for provision
for loan losses during the period. Management considers the allowance to be
adequate at this time.
Nonaccrual loans amounted to $572,000 and $0 at September 30, 2000 and 1999,
respectively. Loans 90 days or more past due amounted to $0 and $95,000 at
September 30, 2000 and 1999, respectively. There were restructured loans in the
amount of $409,000 and $366,000 at September 30, 2000 and 1999, respectively.
The following table sets forth a summary of loan loss experience:
Analysis of the Allowance for Loan Losses
<TABLE>
<CAPTION>
September 30, September 30,
2000 1999
(In thousands)
----- -----
<S> <C> <C>
Balance at Beginning of Period $ 778 $ 776
----- -----
Charge-offs:
Commercial, Financial and Agricultural 51 50
Real Estate-Construction -- --
Real Estate-Mortgage -- --
Installment Loans to Individuals 62 23
Lease Financing -- --
----- -----
Total Charge-offs 113 73
----- -----
Recoveries:
Commercial, Financial and Agricultural 46 2
Real Estate-Construction -- --
Real Estate-Mortgage -- --
Installment Loans to Individuals 38 1
Lease Financing -- --
----- -----
Total Recoveries 84 3
----- -----
Net Charge-offs (29) (70)
Additions Charged to Operation 180 77
----- -----
Balance at end of Period $ 929 $ 783
===== =====
Ratio of Net Charge-offs during the period to average loans
Outstanding during the period -0.04% -0.12%
===== =====
</TABLE>
8
<PAGE> 9
VALRICO BANCORP, INC.
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)
Consolidated net income for the nine months ending September 30, 2000 was
$687,000 or $2.27 per share which compares to $463,000 or $1.50 per share for
the same period in 1999. This represents an increase over the comparable quarter
of $224,000.
Salaries and benefits represent 58.0% of non-interest expenses for the nine
months ended September 30, 2000, compared to 51.9% for the nine months ended
September 30, 1999. Salary expense for the nine months ended September 30, 2000
increased 18.4% over the same period for 1999.
The Tier I capital ratio was 7.16% and Total Capital ratio was 8.14% at
September 30, 2000. The tier I capital to total risk-weighted assets ratio was
9.11% at September 30, 2000.
9
<PAGE> 10
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports on Form 8-K were filed for the quarter ended September 30, 2000.
Exhibit 27 - Financial Data Schedule (for SEC use only).
10
<PAGE> 11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on November 8th, 2000 on its
behalf by the undersigned thereunto duly authorized.
VALRICO BANCORP, INC.
By: /s/ Bob Mclean
-----------------------------------------
Bob Mclean
President and Chief Executive Officer
By: /s/ Jerry L. Ball
----------------------------------------
Jerry L. Ball
Executive Vice President
11
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