FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
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[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number 0-10974
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FIRST PULASKI NATIONAL CORPORATION
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(Exact name of registrant as specified in its charter)
Tennessee 62-1110294
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(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
206 South First Street, Pulaski, Tennessee 38478
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number: 931-363-2585
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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 Yes X . No .
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Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date:
Common Stock, $1.00 par value -- 1,540,367 Shares Outstanding as of
October 31, 2000
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARIES
September 30, December 31,
ASSETS 2000 1999
------ ------------ ------------
Cash and due from banks $9,012,225 $12,120,521
Federal funds sold 3,825,000 6,722,897
------------ ------------
Cash and cash equivalents 12,837,225 18,843,418
Securities available for sale 90,617,561 45,608,982
Securities held to maturity 0 29,348,246
Loans net of unearned income 175,889,002 174,734,214
Allowance for loan losses (2,756,510) (2,838,481)
----------- -----------
Total net loans 173,132,492 171,895,733
Bank premises and equipment 7,438,522 7,128,207
Accrued interest receivable 4,127,642 3,529,106
Prepayments and other assets 2,782,736 3,030,935
Other real estate owned 302,375 99,185
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TOTAL ASSETS $291,238,553 $279,483,812
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LIABILITIES
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Deposits
Non-interest bearing balances $34,676,720 $36,117,830
Interest bearing balances 215,555,407 202,492,439
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250,232,127 238,610,269
Other borrowed funds 1,707,275 1,849,090
Accrued taxes 323,018 130,687
Accrued interest on deposits 2,456,846 1,806,079
Accrued profit sharing expense 107,549 114,309
Other liabilities 642,503 301,382
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TOTAL LIABILITIES 255,469,318 242,811,816
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STOCKHOLDERS' EQUITY
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Common Stock, $1.00 par; authorized 10,000,000
shares; 1,540,467 and 1,583,961 shares issued
and outstanding, respectively 1,540,467 1,583,961
Capital Surplus 4,781,201 7,338,740
Retained Earnings 29,924,141 28,663,995
Accumulated other comprehensive income,
(loss) net (476,574) (914,700)
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TOTAL STOCKHOLDERS' EQUITY 35,769,235 36,671,996
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $291,238,553 $279,483,812
============ ============
*See accompanying notes to consolidated financial statements (unaudited).
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARIES
For Three Months Ended For Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2000 1999 2000 1999
---- ---- ---- ----
INTEREST INCOME:
Loans, including fees $4,641,376 $4,361,306 $13,517,106 $12,879,332
Investment securities 1,364,890 1,231,734 3,831,719 3,474,801
Federal funds sold 113,030 69,268 333,175 391,356
---------- ---------- ---------- ----------
6,119,296 5,662,308 17,682,000 16,745,489
INTEREST EXPENSE:
Interest on deposits:
NOW accounts 100,479 102,949 310,433 311,620
Savings and MMDA 179,917 198,505 547,642 574,752
Time 2,626,847 1,959,286 7,053,191 5,867,429
Borrowed funds 28,304 31,215 87,136 95,734
---------- ---------- ---------- ----------
2,935,547 2,291,955 7,998,402 6,849,535
---------- ---------- ---------- ----------
NET INTEREST INCOME BEFORE
PROVISION FOR CREDIT LOSSES 3,183,749 3,370,353 9,683,598 9,895,954
Provision for credit losses 57,536 177,238 237,025 506,566
---------- ---------- ---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 3,126,213 3,193,115 9,446,573 9,389,388
---------- ---------- ---------- ----------
OTHER INCOME:
Service charges on
deposit accounts 568,461 465,101 1,626,506 1,311,824
Other service
charges and fees 84,456 90,549 266,587 272,714
Security gains(losses) (31,563) 16,345 (48,204) 16,345
Other 103,855 39,552 199,692 238,951
---------- ---------- ---------- ----------
725,209 611,547 2,044,581 1,839,834
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PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARIES
For Three Months Ended For Nine Months Ended
September 30, September 30,
----------------------- ----------------------
2000 1999 2000 1999
---- ---- ---- ----
OTHER EXPENSES:
Salaries and
employee benefits 1,165,281 1,265,225 3,561,504 3,477,877
Occupancy, net 262,427 251,735 766,488 697,291
Furniture and equipment 174,268 173,334 501,340 508,387
Advertising and
public relations 221,268 108,236 483,611 328,622
Other operating 329,252 560,904 1,537,733 1,996,997
---------- ---------- ---------- ----------
2,152,496 2,359,434 6,850,676 7,009,174
---------- ---------- ---------- ----------
Income before income taxes $1,698,926 $1,445,228 $4,640,478 $4,220,048
Applicable income taxes 523,491 478,721 1,469,157 1,388,465
---------- ---------- ---------- ----------
NET INCOME $1,175,435 $ 966,507 $3,171,321 $2,831,583
========== ========== ========== ==========
PER SHARE DATA:
Net income per share
Basic $0.76 $0.61 $2.04 $1.80
Diluted $0.76 $0.61 $2.03 $1.80
Dividends per share $0.41 $0.41 $1.23 $1.23
Number of average
shares for period 1,543,538 1,580,478 1,555,937 1,576,399
========== ========== ========== ==========
*See accompanying notes to consolidated financial statements (unaudited).
PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
STATEMENT OF STOCKHOLDER'S EQUITY
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIARIES (UNAUDITED)
For the Nine Months Ended September 30, 2000
Unrealized
Gains/<Losses>
Common Capital Retained Treasury on Securities Total
Stock Surplus Earnings Stock Net of Taxes
-------- -------- --------- -------- ------------- -----------
Balance, December 31,
1999 $1,583,961 $7,338,740 $28,663,995 $ 0 ($914,700) $36,671,996
Comprehensive Income:
Net Income 3,171,321
Change in unrealized
gains (losses) on AFS
securities, net of tax 427,143
Less reclassification
adjustment, net of
deferred income tax
benefit of $16,389 31,815
Comprehensive Income 3,609,447
Cash Dividends
($1.23 per share) (1,911,175) (1,911,175)
Common Stock Issued 17,990 552,770 49,000 619,760
Payments to repurchase
stock (61,484) (3,110,309) (49,000) (3,220,793)
---------- ---------- ----------- -------- ---------- ------------
Balance,
September 30, 2000 $1,540,467 $4,781,201 $29,924,141 $ 0 ($476,574) $35,769,235
========== ========== =========== ======== =========== ============
PART I - FINANCIAL INFORMATION
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Item 1. Financial Statements. (Continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
FIRST PULASKI NATIONAL CORPORATION AND SUBSIDIAIES (UNAUDITED)
For Nine Months Ended
September 30,
2000 1999
---- ----
Cash Flows from Operating Activities:
Net Income $3,171,321 $2,831,583
Adjustments to reconcile Net Income to
Net Cash provided by Operating Activities:
Provision for loan losses 237,025 506,566
Depreciation of premises and equipment 593,745 536,760
Amortization and accretion of investment
Securities, net 73,301 118,166
Deferred income tax expense (benefit) 72,586 (70,727)
(Gains) losses from sale of other assets (17,595) (306)
(Gains) losses from sale of investment securities 48,204 (16,345)
Increase in interest receivable (598,536) (240,221)
(Increase) decrease in prepayments/other (122,920) 764,056
Increase (decrease) in accrued interest payable 650,767 (110,975)
Increase in accrued taxes 192,331 185,955
Increase in other liabilities 334,362 43,794
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Net cash from Operating Activities 4,634,591 4,548,306
Cash Flows from Investing Activities:
Proceeds from maturity of investment securities 6,720,468 15,372,123
Proceeds from sale of investment securities 7,215,404 5,400,721
Purchase of investment securities (29,053,882) (30,661,087)
Net increase in loans (1,850,886) (4,387,134)
Capital expenditures (913,782) (294,518)
Proceeds from sale of other assets 274,059 154,261
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Net cash used by Investing Activities (17,608,619) (14,415,634)
Cash flows from Financing Activities:
Net increase in deposits 11,621,858 7,285,277
Cash dividends paid (1,911,175) (1,942,443)
Proceeds from issuance of common stock 619,760 487,590
Borrowings repaid (141,815) (133,218)
Common stock repurchased (3,220,793) 0
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Net cash from Financing Activities 6,967,835 5,697,206
Net increase in cash and cash equivalents (6,006,193) (4,170,122)
Cash and cash equivalents at beginning of period 18,843,418 22,397,143
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Cash and Cash Equivalents at end of period $12,837,225 $18,227,021
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PART I - FINANCIAL INFORMATION
------------------------------
Item 1. Financial Statements. (Continued)
Note to Consolidated Financial Statements
The interim financial statements furnished under this item reflect all
adjustments which are, in the opinion of management, necessary for a fair
presentation of the results of operations for the interim periods presented.
All such adjustments are of a normal recurring nature. Certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted, as allowed under rules and regulations of the Securities and Exchange
Commission for interim period presentation. The results for interim periods
are not necessarily indicative of results to be expected for the complete
fiscal year.
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations.
The following analysis should be read in conjunction with the financial
statements set forth in Part I, Item 1, immediately preceding this section.
Reference is made to the report of the registrant on Form 10-K for the
Year ending December 31, 1999, which report was filed with the Securities and
Exchange Commission on or about March 30, 2000.
This Form 10-Q contains certain forward-looking statements regarding,
among other things, the anticipated financial and operating results of the
registrant. Investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
registrant undertakes no obligation to publicly release any modifications or
revisions of these statements to reflect events or circumstances occurring
after the day hereof, or to reflect the occurrence of unanticipated events.
In connection with the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, the registrant cautions investors that future
financial and operating results may differ materially from those projected in
forward-looking statements made by, or on behalf of, the registrant. Such
forward-looking statements involve known and unknown risks and uncertainties,
including, but not limited to, adverse changes in interest rates, inadequate
allowance for loan loss, and loss of key personnel. These risks and
uncertainties may cause the actual results or performance of the registrant to
be materially different from any future results or performance expressed or
implied by such forward-looking statements.
(a) Results of Operations
Net income of the registrant was $3,171,321 in the first nine months of
2000. This amounted to an increase of $339,738, or 12.0 percent, compared to
the first nine months of 1999. For the three-month period ended September 30,
2000, net income increased $208,928, or 21.6 percent, as compared to the three
months ended September 30, 1999. Net income was higher for the first nine
months of 2000 as compared to the same period last year due to an approximately
$205,000 increase in non-interest income attributable to an increase in other
service charges on deposit accounts. Also, a decrease of approximately
$158,000 in non-interest expense, largely attributable to decreased other
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
operating expenses, and a decrease in provision for credit losses of almost
$270,000 led to the greater net income for the first nine months of 2000 as
compared to the first nine months of 1999. However, these gains were partially
offset by a $212,356 decrease in net interest income for the first nine months
of 2000 as compared to the same period in 1999. The increase in the third
quarter 2000 net income resulted from a $113,662 increase in non-interest
income and a decrease of almost $207,000 in non-interest expense. However,
these gains were partially offset by an approximately $187,000 decrease in net
interest income in the third quarter 2000 from the third quarter 1999.
Net interest income, the largest component of net income for the
registrant, is the difference between income earned on loans and investments
and interest paid on deposits and other sources of funds. Net interest
income, exclusive of the provision for credit losses, of the registrant for
the nine-month period ending September 30, 2000 decreased by $212,356, or 2.1
percent, as compared to the same period in 1999. The decline was mainly due
to an increase in interest expense on time deposits that was partially offset
by an increase in interest and fees on loans and interest on investment
securities. For the three-month period ended September 30, 2000, net interest
income decreased by $186,604, or 5.5% as compared to the three months ended
September 30, 1999. Interest expense on time deposits increased approximately
$668,000 for the three month period ended September 30, 2000. The increase in
interest expense was partially offset by an increase in interest income of
approximately $457,000 during three months ended September 30, 2000 as
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
compared to the same period last year.
Total other expenses decreased $158,498, or 2.3 percent, for the nine
months ending September 30, 2000 as compared to same period last year. For the
three months ended September 30, 2000, the decrease in other expenses over the
same period last year was $206,938, or 9.6 percent. The decreases over both
periods were largely due to less other operating expenses. Legal and
collection expenses decreased approximately $425,000 for the nine months ending
September 30, 2000 as compared to the same period last year and approximately
$143,000 for the three months ended September 30, 2000 and as compared to the
three months ending September 30, 1999.
The provision for credit losses for the nine months ended September 30,
2000, decreased $269,541, or 53.2 percent, over the same period in 1999. For
the three-month period ended September 30, 2000, the decrease in the provision
was $119,702, or 67.5 percent compared to the same three months in 1999.
Income before taxes increased by $420,430, or 9.1 percent, for the first nine
months of 2000 as compared to the same period from the prior year. For the
three month period, income before taxes increased $253,698, or 17.6 percent, as
compared to the three months ended September 30, 1999. Applicable income
taxes increased $80,692, or 5.8 percent for the nine month period ending
September 30, 2000 and increased $44,770, or 9.4 percent for the three month
period as compared to the same periods in 1999.
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
On a per share basis, net income was $2.03 per share based on 1,555,937
shares for the first nine months of 2000 as compared to $1.80 per share on
1,576,399 shares for the first nine months of 1999.
(b) Financial Condition
The registrant's total assets increased 4.2 percent to $291,238,553
during the nine months ending September 30, 2000, from $279,483,812 at
December 31, 1999. Loans and leases, net of allowance for credit losses,
totaled $173,132,492 at September 30, 2000, a 0.7 percent increase compared
to $171,895,733 at December 31, 1999. Investment securities increased
$15,660,333, or 20.9 percent, to $90,617,561 at September 30, 2000, from
$74,957,228 at year-end 1999. The unrealized loss on securities of $476,574
at September 30, 2000 was a result of the interest rate risk in the market.
The registrant has taken steps to minimize the interest rate risk in the
securities portfolio and the unrealized loss on securities has fallen from
$914,700 at December 31, 1999 to its present level of $476,574 on September
30, 2000. Federal funds sold decreased $2,897,897 to $3,825,000 at September
30, 2000, from $6,722,897 at December 31, 1999.
Total liabilities increased by 5.2% to $255,469,318 for the nine months
ended September 30, 2000, compared to $242,811,816 at December 31, 1999. This
increase was composed primarily of a $13,062,968 increase in interest bearing
deposits (a 6.5 percent increase). Non-performing assets decreased 57.1 percent
to $1,452,600 for the nine months ended September 30, 2000 compared to
$3,388,100 at December 31, 1999.
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
Non-performing assets at December 31, 1999 included $99,200 in other real
estate owned, $3,262,200 in non-accrual loans, and $26,700 in loans past due
ninety days or more as to interest or principal payment. Additionally, there
were no restructured loans at year-end. At September 30, 2000, the
corresponding figures were $302,400 thousand in other real estate owned,
$889,000 thousand in non-accrual loans, $261,200 in loans past due ninety days
or more, and no loans restructured.
The registrant has computed allowances for credit losses which
management believes to be sufficient. The allowance for credit losses has
decreased $82,000 since December 31, 1999. The total allowance for
loan losses was $2,756,500 as of September 30, 2000 and is deemed sufficient
by management to cover potential losses in the loan portfolio.
(c) Liquidity
Liquidity is the ability to fund increases in loan demand or to
compensate for decreases in deposits and other sources of funds, or both.
Maintenance of adequate liquidity is an essential component of the financial
planning process. The objective of asset/liability management is to provide
an optimum balance of liquidity and earnings. The registrant seeks to
generate adequate cash flows to meet its needs without sacrificing income or
taking undue risks. Cash and cash equivalents decreased $6,006,200 as of the
end of the third quarter in 2000 primarily due to management's decision to
shift federal funds into the registrant's investment portfolio.
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
Marketable investment securities, particularly those of short maturities,
are the principal source of asset liquidity. Securities maturing in one year
or less amounted to $9,682,377 at September 30, 2000, representing 10.7 percent
of the registrant's investment portfolio as compared to 16.1 percent one year
earlier. These securities may be sold in response to changes in interest
rates, changes in prepayment risk, the need to increase regulatory capital, or
asset/liability strategy. Management classifies the entire investment
portfolio in the available-for-sale category and reports these securities at
fair value. Management does not anticipate the sale of a material amount of
investment securities in the foreseeable future.
Other sources of liquidity include maturing loans and federal funds
sold.
The registrant knows of no unusual demands, commitments, or events
which could adversely impact the liquidity of the registrant.
(d) Capital Adequacy
The Federal Reserve Board, the Office of the Comptroller of the Currency
and the FDIC have established risk-based capital guidelines for U.S. banking
organizations. These guidelines provide a uniform capital framework that is
sensitive to differences in risk profiles among banks.
Under these guidelines, total capital consists of Tier I capital (core
capital, primarily stockholders' equity) and Tier II capital (supplementary
capital, including certain qualifying debt instrument and credit loss reserve).
Assets are assigned risk weights ranging from 0 to 100 percent depending on
PART I - FINANCIAL INFORMATION
------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
the level of credit risk normally associated with such assets. Off-balance
sheet items (such as commitments to make loans) are also included in assets
through the use of conversion factors established by regulators and are
assigned risk weights in the same manner as on-balance sheet items. Banking
institutions are expected to maintain a Tier I capital to risk-weighted
assets ratio of at least 4.00 percent, a total capital (Tier I plus Tier II)
to total risk-weighted assets ratio of at least 8.00 percent, and a Tier I
capital to total assets ratio (leverage ratio) of at least 3.00 percent.
The following table sets out the appropriate regulatory standards as well as
the Company's actual ratios at September 30, 2000 and December 31, 1999.
September 30, December 31,
2000 1999
------------ ------------
(in thousands of dollars)
Tier I Capital to Risk-Weighted Assets:
Tier I capital 36,246 37,614
Risk-weighted assets 213,538 203,379
Tier I capital to risk-weighted assets 16.97% 18.49%
Regulatory requirement 4.00% 4.00%
Total Capital to Risk-Weighted Assets:
Total capital (Tier I plus Tier II) 38,916 40,160
Risk-weighted assets 213,538 203,379
Total capital to risk-weighted assets 18.22% 19.75%
Regulatory requirement 8.00% 8.00%
Tier I Capital to Total Assets (Leverage Ratio)
Tier I capital 36,246 37,614
Total assets 291,277 279,483
Tier I capital to total assets 12.44% 13.46%
Regulatory requirement 3.00% 3.00%
PART I - FINANCIAL INFORMATION
------------------------------
Item 3. Quantitative and Qualitative Disclosures About Market Risks.
The registrant's primary component of market risk is interest rate
volatility. Fluctuations in interest rates will ultimately impact both the
level of income and expense recorded on a large portion of the registrant's
assets and liabilities, and the market value of all interest-earning assets
and interest-bearing liabilities, other than those which possess a short term
to maturity. Based upon the nature of the registrant's operations, the
registrant is not subject to foreign currency exchange or commodity price
risk.
Interest rate risk management focuses on the earnings risk associated
with changing interest rates. Management seeks to maintain profitability in
both immediate and long term earnings through funds management and interest
rate risk management. The registrant's rate sensitive position has an
important impact on earnings. Management of the registrant meets regularly to
analyze the rate sensitivity position, focusing on the spread between the cost
of funds and interest yields generated primarily through loans and
investments.
There have been no material changes in reported market risks during the
nine months ended September 30, 2000.
PART II - OTHER INFORMATION
---------------------------
Item 1. Legal Proceedings.
The registrant and its subsidiaries are involved, from time to time, in
ordinary routine litigation incidental to the banking business. Neither the
registrant nor its subsidiaries is involved in any material pending legal
proceedings.
Item 2. Changes in Securities and Use of Proceeds
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibit 11 Statement of Computation of Per Share Earnings
Exhibit 27 Financial Data Schedule (for SEC use only) - This
schedule contains summary financial information extracted
from the consolidated financial statements of the Company
at September 30, 2000(unaudited) and is qualified in its
entirety by reference to such financial statements as
set forth in the Company's quarterly report on Form 10-Q
for the period ending September 30, 2000.
PART II - OTHER INFORMATION
---------------------------
Item 6. Exhibits and Reports on Form 8-K.(continued)
(b) No current reports on Form 8-K have been filed during the third
quarter of 2000.
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15 (d) 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.
FIRST PULASKI NATIONAL CORPORATION
Date: November 14, 2000 /s/ James T. Cox
---------------- ---------------------------------------
James T. Cox, President and Chief
Executive Officer
Date: November 14, 2000 /s/ Harold Bass
---------------- ---------------------------------------
Harold Bass, Secretary/Treasurer
(The registrant's Principal Financial
Officer and Principal Accounting
Officer)
INDEX TO EXHIBITS FOR THE FIRST PULASKI NATIONAL CORPORATION
------------------------------------------------------------
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000
--------------------------------------------------
(11) Statement regarding computation of per share earnings
(27) Financial Data Schedules
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS OF
------------------------------------
FIRST PULASKI NATIONAL CORPORATION
----------------------------------
Computation of per share earnings relative to the common capital
stock of First Pulaski National Corporation is calculated by dividing
the net income of the registrant by the weighted average of the then
outstanding shares of common capital stock ($1.00 par value) during
the quarter.
For the quarter ended September 30, 2000, 1,543,538 shares were used
in the computation; 1,580,478 shares were used in the computation for
the quarter ended September 30, 1999.