UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES --- AND EXCHANGE ACT OF 1934
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
West Virginia 55-0571723 ------------------------------- ----------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1 Bank Plaza, Wheeling, WV 26003 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. WesBanco had 20,886,408 shares outstanding at April 30, 1998.
Consolidated Balance Sheets at March 31, 1998 and December 31, 1997,
and Consolidated Statemets of Income, Consolidated Statements of Changes in
Shareholders' Equity and Consolidated Statements of Cash Flows for the three
months ended March 31, 1998 and 1997 are set forth on the following pages. On
March 31, 1998, WesBanco consummated its business combination with Commercial
BancShares. All previously presented financial information has been restated
to include Commercial BancShares. For further information see Footnote 2.
In the opinion of management of the Registrant, all adjustments,
consisting of normal recurring accruals, necessary for a fair presentation of
the financial information referred to above for such periods, have been made.
The results of operations for the three months ended March 31, 1998 are not
necessarily indicative of what results may be attained for the entire year.
For further information, refer to the 1997 Annual Report to
Shareholders which includes consolidated financial statements and footnotes
thereto and WesBanco, Inc.'s Annual Report on Form 10-K for the year ended
December 31, 1997.
March 31, December 31, 1998 1997 --------- ------------ ASSETS Cash and due from banks $ 63,133 $ 73,412 Due from banks - interest bearing 6,541 1,515 Federal funds sold 60,450 86,363 Securities: Available for sale, carried at market value 471,834 383,010 Held to maturity (market value of $252,952 and $249,165, respectively) 248,435 246,208 ---------- --------- Total securities 720,269 629,218 ---------- --------- Loans (net of unearned income of $1,109 and $1,495, respectively) 1,347,159 1,341,901 Allowance for loan losses (20,225) (20,261) ---------- --------- Net loans 1,326,934 1,321,640 ---------- --------- Bank premises and equipment - net 46,263 45,068 Accrued interest receivable 18,340 15,579 Other assets 38,811 38,748 ---------- ---------- Total Assets $2,280,741 $2,211,543 ========== ========== |
LIABILITIES
Deposits: Non-interest bearing demand $ 219,638 $ 205,399 Interest bearing demand 464,716 432,050 Savings 367,041 366,572 Certificates of deposit 790,612 775,846 ---------- ---------- Total deposits 1,842,007 1,779,867 ---------- ---------- Federal funds purchased and repurchase agreements 89,463 93,342 Other short-term borrowings 30,213 26,927 Accrued interest payable 7,270 7,224 Other liabilities 18,227 16,188 ---------- ---------- Total Liabilities 1,987,180 1,923,548 ---------- ---------- SHAREHOLDERS' EQUITY Preferred stock, no par value, 1,000,000 shares authorized; none outstanding - - Common stock, $2.0833 par value; 25,000,000 shares authorized; 20,997,093 and 20,666,185 shares issued, respectively 43,743 43,055 Capital surplus 60,631 57,997 Retained earnings 190,633 187,424 Treasury stock at cost(107,686 and 56,381 shares, respectively) (3,261) (1,675) Other comprehensive income (market value adjustment) 2,406 1,783 Deferred benefits for employees and directors (591) (589) ---------- ---------- Total Shareholders' Equity 293,561 287,995 ---------- ---------- Total Liabilities and Shareholders' Equity $2,280,741 $2,211,543 ========== ========== |
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
For the three months ended March 31, -------------------------- 1998 1997 INTEREST INCOME ----------- ---------- Interest and fees on loans $ 29,650 $ 28,938 Interest on investment securities: Taxable 7,709 6,529 Tax-exempt 2,308 2,277 ---------- ---------- Total investment income 10,017 8,806 Other interest income 1,023 341 ---------- ---------- Total interest income 40,690 38,085 ---------- ---------- INTEREST EXPENSE Interest on deposits 17,189 15,379 Interest on other borrowings 1,406 1,087 ---------- ---------- Total interest expense 18,595 16,466 Net interest income 22,095 21,619 Provision for loan losses 753 1,211 ---------- ---------- Net interest income after provision for loan losses 21,342 20,408 ---------- ---------- OTHER INCOME Trust fees 2,424 1,876 Service charges and other income 2,436 2,113 Net securities gains 275 4 ---------- ---------- Total other income 5,135 3,993 OTHER EXPENSES Salaries, wages and employee benefits 8,843 8,240 Premises and equipment - net 2,294 2,321 Other operating 5,038 4,661 ---------- ---------- Total other expenses 16,175 15,222 ---------- ---------- Income before provision for income taxes 10,302 9,179 Provision for income taxes 3,260 2,580 ---------- ---------- Net Income $ 7,042 $ 6,599 ========== ========== Earnings per share $0.34 $0.32 Average shares outstanding 20,901,998 20,345,624 Dividends per share $0.21 $0.19 |
* The Consolidated Statement of Income was unchanged by the adoption of SFAS No. 130. The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
Deferred Other Benefits for Comprehensive Common Capital Retained Treasury Comprehensive Directors & Income Stock Surplus Earnings Stock Income Employees Total ------------------------------------------------------------------------------------------------------------------ December 31, 1996 $31,545 $50,512 $187,777 ($544) $46 ($855) $268,481 ------------------------------------------------------------------------------------------------------------------ Net income $25,211 25,211 25,211 Cash dividends: Common (.78 per share) (12,474) (12,474) Common by pooled bank prior to acquisition (1,929) (1,929) Stock issued for acquisition 366 7,519 4,901 12,786 Net treasury shares purchased 82 (6,032) (5,950) Retirement of pooled bank stock held by WesBanco (17) (116) (133) Stock issued for a 3 for 2 stock split effected in the form of a 50% stock dividend 11,161 (11,161) Deferred benefits for directors (50) (50) Principal payment on ESOP debt 450 450 ESOP borrowing (134) (134) Market value adjustment on investments available for sale-net of tax 1,737 1,737 1,737 ------- Comprehensive income $26,948 ======= ------------------------------------------------------------------------------------------------------------------ December 31, 1997 $43,055 $57,997 $187,424 ($1,675) $1,783 ($589) $287,995 ------------------------------------------------------------------------------------------------------------------ Net income 7,042 7,042 7,042 Cash dividends: Common (.21 per share) (3,348) (3,348) Common by pooled bank prior to acquisition (485) (485) Stock issued for acquisition 688 2,613 3,301 Net treasury shares purchased 21 (1,586) (1,565) Deferred benefits for directors (2) (2) Market value adjustment on investments available for sale-net of tax 623 623 623 ------ Comprehensive income $7,665 ====== ------------------------------------------------------------------------------------------------------------------ March 31, 1998 $43,743 $60,631 $190,633 ($3,261) $2,406 ($591) $293,561 ------------------------------------------------------------------------------------------------------------------ |
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
For the three months ended March 31, -------------------------- 1998 1997 ------------- ---------- Cash flows from operating activities: Net Income $7,042 $6,599 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,467 1,706 Provision for loan losses 753 1,211 Gains on sales of securities-net (275) (4) Deferred income taxes 179 (14) Other -- net 223 (164) Net change in assets and liabilities: Interest receivable (2,613) (870) Other assets 439 957 Interest payable (12) 104 Other liabilities 933 2,733 -------- -------- Net cash provided by operating activities 8,136 12,258 -------- -------- Cash flows from investing activities: Securities held to maturity: Proceeds from maturities and calls 10,977 31,419 Payments for purchases (8,272) (12,171) Securities available for sale: Proceeds from sales 11,058 500 Proceeds from maturities and calls 33,344 20,053 Payments for purchases (134,620) (27,019) Purchase of subsidiary, net of cash acquired 5,137 - Net decrease in loans 15,203 106 Purchases of premises and equipment-net (1,753) (2,260) --------- --------- Net cash provided by (used in) investing activities (68,926) 10,628 --------- --------- Cash flows from financing activities: Net increase in deposits 35,470 20,032 Decrease in federal funds purchased and repurchase agreements (3,879) (5,032) Increase (decrease) in short-term borrowings 3,286 (88) Dividends paid (3,688) (3,312) Purchases of treasury shares-net (1,565) (3,101) --------- --------- Net cash provided by financing activities 29,624 8,499 --------- --------- Net increase (decrease) in cash and cash equivalents (31,166) 31,385 Cash and cash equivalents at beginning of period 161,290 94,266 --------- --------- Cash and cash equivalents at end of period $130,124 $125,651 ========= ========= |
For the three months ended March 31, 1998 and 1997, WesBanco paid $18,404 and $15,427 in interest on deposits and other borrowings, and $143 and $17 for income taxes, respectively.
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
WESBANCO, INC.
Reclassification: Certain prior year financial information has been reclassified to conform to the March 31, 1998 presentation. The reclassifications had no effect on net income.
Cash and cash equivalents: For the purpose of reporting cash flows, cash and cash equivalents include cash and due from banks, due from banks - interest bearing and federal funds sold. Generally, federal funds are sold for one-day periods.
New accounting standards: On January 1, 1998, the Corporation adopted SFAS No. 130, "Reporting Comprehensive Income". Adoption of the standard is reflected in the Consolidated Statement of Changes in Shareholders' Equity. Sources of comprehensive income not included in net income are limited to unrealized gains and losses on certain investments in debt and equity securities.
WESBANCO, INC.
Growth in average interest bearing liabilities consisted primarily of an increase in average interest bearing deposits of $102.2 million or 6.8%. Within the deposit category, increases in average interest bearing demand of $122.7 million or 35% and average certificates of deposit of $30.3 million or 4%, were partially offset by a reduction in savings balances of $50.8 million or 13.2%. Approximately $28.4 million of the increase in average interest bearing deposits related to the purchase acquisition of Shawnee. The average rate on interest bearing deposits increased 20 basis points to 4.3% from 4.1% between the comparative periods reflecting a shift in balances from savings accounts to higher-yielding money market accounts and certificates of deposit.
For the three months ended March 31, -------------------- 1998 1997 ---- ---- Federal statutory tax rate 35% 35% Tax-exempt interest income from securities of states and political subdivisions (8) (9) State income tax - net of federal tax effect 3 3 Alternative minimum tax credit carryforward recognized - (3) All other - net 2 2 ------ ------ Effective tax rate 32% 28% ====== ====== |
The increase in the effective tax rate resulted from the utilization of approximately $0.2 million in credits for prior years' minimum taxes during the first quarter of 1997. These tax credits were fully utilized as of December 31, 1997.
March 31, December 31, (in thousands) 1998 1997 ------------------------- Securities Available for Sale (at market): ------------------------------------------ U. S. Treasury and federal agency securities $308,449 $247,042 Obligations of states and political subdivisions 20,254 20,638 Corporate securities 21,012 8,540 Mortgage-backed securities 115,814 100,931 Other debt and equity securities 6,305 5,859 --------- --------- Total available for sale 471,834 383,010 --------- --------- Securities Held to Maturity (at cost): -------------------------------------- U.S. Treasury and federal agency securities 78,366 79,220 Obligations of states and political subdivisions 167,737 164,684 Other debt securities 2,332 2,304 -------- --------- Total held to maturity (market value of $252,952 and $249,165, respectively) 248,435 246,208 -------- --------- Total securities $720,269 $629,218 ======== ========= |
The market value adjustment, before tax effect, in the available for sale securities portfolio reflected unrealized net gains of $4.0 million as of March 31, 1998 compared to unrealized net gains of $2.9 million as of December 31, 1997. These adjustments represent temporary market value fluctuations caused by general changes in market rates and the length of time to respective maturity dates. If these securities were held until their respective maturity date, no market value adjustment would be realized.
March 31, December 31, (in thousands) 1998 1997 Loans: -------------------------- Commercial $ 253,597 $ 243,458 Real Estate - Construction 37,256 37,743 Real Estate - Mortgage 716,370 715,819 Personal, net of unearned income 323,617 333,176 Loans held for sale 16,319 11,705 ---------- ---------- Loans, net of unearned income $1,347,159 $1,341,901 ========== ========== |
WesBanco monitors the overall quality of its loan portfolio through
various methods. Underwriting policies and guidelines have been established
for all types of credits and management continually monitors the portfolio
for adverse trends in delinquent and non-performing loans.
Loans are considered impaired when it is determined that WesBanco
may not be able to collect all principal and interest due according to the
contractual terms of the loans. Impaired loans, including all non-performing
loans, are as follows:
March 31, December 31, (in thousands) 1998 1997 Nonperforming loans: -------------------------- Nonaccrual $ 12,059 $ 8,413 Renegotiated 1,517 2,423 Other classified loans 5,185 6,292 ---------- --------- Total impaired loans $ 18,761 $ 17,128 ========== ========= |
The average balance of impaired loans during the three months ended March 31, 1998 and year ended December 31, 1997, was approximately $15,254 and $17,514, respectively.
Specific allowances for loan losses are allocated for impaired loans
based on the present value of expected future cash flows, or the fair value of
the collateral for loans that are collateral dependent. Related allowances
for loan losses on impaired loans were $3.4 million and $2.6 million as of
March 31, 1998 and December 31, 1997, respectively.
Other real estate owned totaled $6.2 million as of March 31, 1998,
compared to $5.6 million as of December 31, 1997. Loans past due 90 days
or more decreased to $2.3 million or .2% of total loans as of March 31, 1998
as compared to $3.3 million or .2% of total loans as of December 31, 1997.
Lending by WesBanco banks is guided by written lending policies,
which allow for various types of lending. Normal lending practices do not
include the acquisition of high yield non-investment grade loans or "highly
leveraged transactions" ("HLT") from outside the primary market.
For the three months ended March 31, (in thousands) -------------------- 1998 1997 -------- -------- Balance, at beginning of period $20,261 $19,102 Allowance for loan losses of acquired bank 329 Charge-offs (1,450) (1,454) Recoveries 332 280 ------- ------- Net charge-offs (1,118) (1,174) Provision for loan losses 753 1,211 ------- ------- Balance, at end of period $20,225 $19,139 ======= ======= |
The allowance for loan losses as a percentage of total loans was 1.50% as of March 31, 1998 and 1.45% as of March 31, 1997. Amounts allocated to the allowance for loan losses are based upon management's evaluation of the credit risk in the loan portfolio. Management believes that the allowance for loan losses as of March 31, 1998 is adequate to provide for potential losses in the portfolio.
At March 31, 1998 and December 31, 1997, all of WesBanco's affiliate banks exceeded the minimum regulatory levels. Capital adequacy ratios are summarized as follows:
March 31, December 31, 1998 1997 -------------------------- Tier I capital 18.7% 18.7% Total risk-based capital 20.0% 20.0% Leverage 12.4% 12.5% |
The following directors were elected to the Board of Directors for a term of three years expiring at the annual stockholders meeting in 2001:
For Withheld ---------- --------- 1. James E. Altmeyer 11,775,838 88,464 2. James C. Gardill 11,830,037 14,271 3. Richard K. Riederer 11,814,542 29,764 4. Christopher V. Criss 11,830,183 14,125 5. Roland L. Hobbs 11,829,096 15,212 6. J. Christopher Thomas 11,818,506 25,802 7. Stephen F. Decker 11,820,844 23,464 8. Eric Nelson 11,827,445 16,862 |
The following director was elected to the Board of Directors for a term of one year expiring at the annual stockholders meeting in 1999:
For Withheld ---------- -------- John R. Scheessele 11,807,983 14,132 |
The shareholders voted on a proposed amendment to the Articles of Incorporation for the purpose of increasing the authorized common stock of the Corporation, which the Board of Directors may issue, from 25,000,000 shares to 50,000,000 shares at $2.0833 par value.
For Against Abstained ---------- -------- --------- 11,125,040 496,691 193,734 The shareholders voted on a Key Executive Incentive Bonus and Option Plan. For Against Abstained ---------- ------- -------- 10,373,623 902,598 568,075 |
10 Key Executive Incentive Bonus and Option Plan*
27 Financial Data Schedule required by Article 9 of Regulation S-X.
99 Press release dated March 24, 1998, announcing the execution of a definitive Agreement and Plan of Merger providing for the acquisition of Hunter Insurance Agency.
* This document is being incorporated by reference with respect to Appendix A of the Proxy Statement filed by the Registrant with the Securities and Exchange Commission on March 13, 1998.
May 14, 1998 /s/ Edward M. George ------------------------------------- Edward M. George President and Chief Executive Officer May 14, 1998 /s/ Paul M. Limbert ------------------------------------- Paul M. Limbert Executive Vice President and Chief Financial Officer |
(SEAL)
CERTIFICATE
I, KEN HECHLER, SECRETARY OF STATE OF THE
STATE OF WEST VIRGINIA, HEREBY CERTIFY THAT
originals of the Articles of Amendment to the Articles of Incorporation of
WESBANCO, INC.
are filed in my office, signed and verified, as required by the provisions of Chapter 31, Article 1, Section 31 of the West Virginia Code and conform to law. Therefore, I issue this
CERTIFICATE OF AMENDMENT TO THE ARTICLES OF INCORPORATION
of the corporation, to which I have attached a duplicate original of the Articles of Amendment.
Given under my hand and the Great Seal of
of the State of West Virginia on this
(SEAL)
Twenty-First day of April, 1998
/s/ Ken Hechler Secretary of State |
Filing Fee: $25.00 License Fee: $-0- ARTICLES OF AMENDMENT TO THE |
ARTICLES OF INCORPORATION
OF
WESBANCO, INC.
Pursuant to the provisions of Section 31, Article 1, Chapter 31 of the Code of West Virginia, the undersigned corporation adopted the following Articles of Amendment to its Articles of Incorporation:
FIRST: The name of the corporation is Wesbanco, Inc.
SECOND: The following Amendment to the Articles of Incorporation was
adopted by the shareholders of the corporation on April 15, 1998, in the
manner prescribed by Sections 107 and 147, Article 1, Chapter 31:
That the authorized common stock of the corporation be increased
from 25,000,000 shares of the par value of $2.0833 per share to 50,000,000
shares of the par value of $2.0833 per share.
THIRD: Article IV of the Articles of Incorporation of Wesbanco, Inc.
shall, accordingly, be amended and reenacted to read as follows:
IV. The total number of shares of all classes of capital stock which
the corporation shall have authority to issue shall be 51,000,000 shares,
which shall be divided into 50,000,000 shares of common stock of the par
value of $2.0833 per share, and 1,000,000 shares of preferred stock, without
par value.
(1) The designations, powers, rights and preferences, and the qualifications, limitations and restrictions, of the preferred stock shall be as fixed and determined, from time to time, by the Board of Directors, and the Board of Directors is authorized and empowered at any time, and from time to time, to direct and provide for the issuance of shares of preferred stock in one or more classes or series, with such voting powers, full or limited, but not to exceed one vote per share, or without voting power, and with such dividend rights, rates and conditions, and such designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations, or restrictions thereof, as shall be fixed and determined by the Board of Directors, by resolutions duly adopted.
FOURTH: The number of shares outstanding at the time of such adoption
was 15,982,960 shares and the number of shares entitled to vote was 15,982,960
shares.
FIFTH: The designation and number of outstanding shares of each class
entitled to vote, as a class, were as follows:
CLASS NUMBER OF SHARES ----- ---------------- Common 15,982,960 |
SIXTH: The number of shares voted for such amendments was 11,125,040;
the number of shares voted against such amendments was 496,691; and the
number of shares abstaining was 193,734.
SEVENTH: The number of shares of each class entitled to vote as a
class voted for and against such amendments was:
CLASS NUMBER OF SHARES VOTED ----- ---------------------- Common For:11,125,040 Against: 496,691 Abstain: 193,734 |
EIGHTH: The manner in which any exchange, reclassification or
cancellation of issued shares provided for in the amendments shall be affected,
is as follows: All outstanding certificates shall be unaffected by the change
and shall continue to represent the number of shares reflected thereon.
NINTH: The amount of the authorized capital stock of this corporation
shall be increased from the current 26,000,000 shares, which is divided into
25,000,000 shares of common stock of the par value of $2.0833 per share, and
1,000,000 shares of preferred stock, without par value, to 51,000,000 shares
consisting of 50,000,000 shares of common stock of the par value of $2.0833,
and 1,000,000 shares of preferred stock, without par value.
Dated this 15th day of April, 1998.
WESBANCO, INC.
By /s/ Edward M. George ----------------------- Its President And /s/ Larry G. Johnson ---------------------- Its Secretary |
STATE OF WEST VIRGINIA,
COUNTY OF OHIO, TO-WIT:
I, James C. Gardill, a Notary Public, do hereby certify
that on this 15th day of April, 1998, personally appeared before
me, EDWARD M. GEORGE and LARRY G. JOHNSON, who, being by me first duly sworn,
declared that they are the President and Secretary, respectively, of WESBANCO,
INC., that they signed the foregoing document as President and Secretary of
the corporation, and that the statements therein contained are true.
/s/ James C. Gardill --------------------- Notary Public My commission expires: 10/24/05 --------------- (NOTARIAL SEAL) |
This instrument was prepared by James C. Gardill, Esq., PHILLIPS, GARDILL, KAISER & ALTMEYER, 61-14th Street, Wheeling, WV, 26003.
March 24, 1998 For Further Information Contact:
Edward M. George
President & CEO (304) 234-9208
Nasdaq Trading Symbol: WSBC
WesBanco To Acquire The Hunter Insurance Agency
Wheeling, WV. . . WesBanco, Inc. President & CEO, Edward M. George, today announced that WesBanco, Inc., has executed a Definitive Agreement and Plan of Merger providing for the acquisition of the Hunter Insurance Agency, Fairmont, West Virginia, in a stock transaction. The transaction will be structured as a purchase transaction by WesBanco.
The Hunter Insurance Agency, a full service agency and seller of life, casualty and commercial insurance, has been in business since 1937.
In commenting on the purchase, Mr. George stated, "We are pleased to announce this affiliation of the Hunter Insurance Agency. This acquisition will afford WesBanco an entry into the life, casualty and commercial insurance agency business. We look forward to the expansion of our financial services product mix. The addition of insurance products affords WesBanco the opportunity to provide our customers with a full array of financial products and services."
According to Mr. George, the directors, officers and employees currently associated with the Hunter Insurance Agency would maintain their respective positions within the company after the acquisition. Bruce D. Martin, CIC, will continue to serve as the President and CEO of the agency upon its acquisition by WesBanco.
In conjunction with the purchase of the Hunter Insurance Agency, Mr. George also announced that the WesBanco Board of Directors has approved a limited stock purchase plan to begin repurchasing up to 62,500 shares of WesBanco common stock. The timing, price and quantity of purchases will be at the discretion of the Corporation. This program may be discontinued or suspended at any time.
###
ARTICLE 9 |
MULTIPLIER: 1000 |
PERIOD TYPE | 3 MOS |
FISCAL YEAR END | DEC 31 1998 |
PERIOD END | MAR 31 1998 |
CASH | 63,133 |
INT BEARING DEPOSITS | 6,541 |
FED FUNDS SOLD | 60,450 |
TRADING ASSETS | 0 |
INVESTMENTS HELD FOR SALE | 471,834 |
INVESTMENTS CARRYING | 248,435 |
INVESTMENTS MARKET | 252,952 |
LOANS | 1,347,159 |
ALLOWANCE | 20,225 |
TOTAL ASSETS | 2,280,741 |
DEPOSITS | 1,842,007 |
SHORT TERM | 89,463 |
LIABILITIES OTHER | 55,613 |
LONG TERM | 97 |
PREFERRED MANDATORY | 0 |
PREFERRED | 0 |
COMMON | 43,743 |
OTHER SE | 249,818 |
TOTAL LIABILITIES AND EQUITY | 2,280,741 |
INTEREST LOAN | 29,650 |
INTEREST INVEST | 10,017 |
INTEREST OTHER | 1,023 |
INTEREST TOTAL | 40,690 |
INTEREST DEPOSIT | 17,189 |
INTEREST EXPENSE | 18,595 |
INTEREST INCOME NET | 22,095 |
LOAN LOSSES | 753 |
SECURITIES GAINS | 275 |
EXPENSE OTHER | 16,175 |
INCOME PRETAX | 10,302 |
INCOME PRE EXTRAORDINARY | 10,302 |
EXTRAORDINARY | 0 |
CHANGES | 0 |
NET INCOME | 7,042 |
EPS PRIMARY | .34 |
EPS DILUTED | .34 |
YIELD ACTUAL | 0 |
LOANS NON | 0 |
LOANS PAST | 0 |
LOANS TROUBLED | 0 |
LOANS PROBLEM | 0 |
ALLOWANCE OPEN | 0 |
CHARGE OFFS | 0 |
RECOVERIES | 0 |
ALLOWANCE CLOSE | 0 |
ALLOWANCE DOMESTIC | 0 |
ALLOWANCE FOREIGN | 0 |
ALLOWANCE UNALLOCATED | 0 |