FORM 10-Q/A
Ammendment No. 1
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, 1998
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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 close of the period covered by this
report:
Common Stock, $1.00 par value -- 1,559,833 Shares Outstanding
PART I - FINANCIAL INFORMATION
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Item 2. Management's Discussion and Analysis of Financial Condition
and Result of Operations. (Continued)
principal payment. Additionally, there were no restructured loans at
year-end. At September 30, 1998, the corresponding figures were $81.0
thousand in other real estate owned, $4,049.5 thousand in non-accrual
loans, 340.5 thousand in loans past due ninety days or more, and no loans
restructured. The increase in nonaccrual loans was largely the result
of the default on the loans to persons and entities related to the
Bank's former Chairman. The Company has computed allowances for loan
losses which management believes to be sufficient. Although there was
an increase in nonaccrual loans from December 31, 1997, the allowance
for loan losses totaling $3,291.1 thousand is deemed sufficient by
management to cover potential losses in the loan portfolio.
The Company established a Year 2000 committee during the last
quarter of 1997 to evaluate mission critical software and hardware.
Data has been gathered and reviewed from software and hardware vendors
and testing has begun in an effort to confirm Year 2000 compliance. As
of Semptember 30, 1998 the Company has spent approximately $14 thousand
to make their application software, operating system, and computer
hardware Year 2000 compliant. It is estimated that remaining costs to
complete Year 2000 conversions will not have a material impact on the
Company's results of operations. The committee, on an on-going basis,
is developing contingency plans to prepare for the most significant
potential risks of Year 2000 and management believes that information
systems will be Year 2000 compliant by June 30, 1999.
SIGNATURES
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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: January 6, 1999 /s/ William R. Horne
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William R. Horne, President
Date: January 6, 1999 /s/ Glen Lamar
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Glen Lamar, Secretary/Treasurer