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 THE THREE MONTHS ENDED JUNE 30, 1996
0-25932
(Commission File Number)
VRB BANCORP
(Exact name of registrant as specified in its charter)
OREGON 93-0892559
(State of other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
110 PINE STREET, ROGUE RIVER, OREGON 97537
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including
area code (541) 582-3216
Indicated by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) to 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 issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at June 30, 1996
COMMON STOCK, NO PAR VALUE 2,353,305
<TABLE>
The following table presents average balances and interest income or
interest expense with the resulting average yield or rates by category of
average earning asset or interest bearing liability:
<CAPTION>
For the six months ended For the six months ended
June 30, 1996 June 30, 1995
Average Inc/Exp Rate Average Inc/Exp Rate
<S> <C> <C> <C> <C> <C> <C>
Interest-earning assets
Loans* $ 92,154,380 $ 4,874,173 10.58% $ 93,310,396 $ 4,921,436 10.66%
Investment securities
Taxable securities 21,641,535 660,413 6.10% 20,899,689 599,133 5.73%
Nontaxable securities** 18,565,267 703,391 7.58% 12,554,294 454,483 7.24%
Federal funds sold 11,364,386 298,534 5.25% 591,713 16,349 5.53%
Total interest earning assets 143,725,468 6,536,511 9.10% 126,356,092 5,991,401 9.48%
Cash and due from banks 9,033,050 7,847,844
Fixed assets 3,892,739 3,903,158
Loan loss allowance (1,399,896) (1,418,134)
Other assets 2,388,258 2,488,317
Total Assets $157,639,619 $139,177,277
Interest-bearing liabilities
Interest-bearing checking
and savings accounts $ 75,654,947 $ 1,146,039 3.03% $ 67,712,058 $ 892,913 2.64%
Time deposits 24,953,446 631,458 5.06% 17,345,437 357,364 4.12%
Borrowed funds 0 0 0.00% 2,199,448 68,658 6.24%
Total interest-bearing liabilities 100,618,393 1,777,497 3.53% 87,246,943 1,318,935 3.02%
Noninterest bearing deposits 37,755,087 0 0.00% 35,210,917 0 0.00%
Total deposits and borrowed funds 138,373,480 1,777,497 2.57% 122,467,860 1,318,935 2.15%
Other liabilities 1,091,013 1,018,343
Total Liabilities 139,464,493 123,486,203
Shareholders' equity 18,175,126 15,691,074
Total liabilities and shareholders' equity $157,639,619 $139,177,277
Net interest income $ 4,759,014 $ 4,672,466
Net interest margin 6.53% 7.33%
<FN>
<F1>
*Nonaccrual loans are included in the average balance,
<F2>
**Tax-exempt income has been adjusted to a tax equivalent basis at 34%.
</FN>
</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 thereunto duly authorized.
VRB BANCORP
(Registrant)
Date: August 1, 1996 William A. Haden
(Signature)
William A. Haden
President
Date: August 1, 1996 Tom Anderson
(Signature)
Tom Anderson
Executive Vice President
Chief Operating Officer and Secretary
