UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q/A
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended June 30, 1999
Commission file Number 01-16934
BOL BANCSHARES, INC.
(Exact name of registrant as specified in its charter.)
Louisiana 72-1121561
(State of incorporation) (I. R. S. Employee Identification No.)
300 St. Charles Avenue, New Orleans, La. 70130
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504) 889-9400
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 [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date:
Common Stock, $1 Par Value - 179,145 shares as of July 31, 1999.
Part I. - Financial Information
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CONDITION
(Unaudited)
June 30 Dec. 31, June 30
(Amounts in Thousands) 1999 1998 1998
ASSETS
Cash and Due from Banks
Non-Interest Bearing Balances and Cash 7,460 6,693 7,790
Interest Bearing Balances - - -
Investment Securities
Securities Held to Maturity (Fair Values at
6/30/99, 12/31/98, & 6/30/98 respectively 4,014 4,498 8,491
were
$4,008,000, $4,514,000, and $8,513,000)
Securities Available for Sale 350 291 90
Federal Funds Sold 32,355 26,950 19,000
Loans, net of Unearned Discount 56,529 61,542 59,509
Allowance for Loan Losses (1,800) (1,800) (1,800)
Property, Equipment and Leasehold Improvements
(Net of Depreciation and Amortization) 2,778 2,506 2,596
Other Real Estate 1,340 1,357 1,473
Deferred Taxes 434 454 618
Letters of Credit 76 84 114
Other Assets 1,168 1,311 1,939
TOTAL ASSETS $104,704 $103,886 $99,820
See accompanying notes to Financial Statements
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CONDITION (Continued)
June 30 Dec. 31, June 30
(Amounts in Thousands) 1999 1998 1998
LIABILITIES
Deposits:
Non-Interest Bearing 35,132 36,826 33,936
Interest Bearing 60,748 57,757 56,817
TOTAL DEPOSITS 95,880 94,583 90,753
Notes Payable 2,246 2,272 2,281
Letters of Credit Outstanding 76 84 114
Accrued Litigation Settlement 200 200 150
Accrued Interest 483 526 531
Other Liabilities 1,137 1,035 552
TOTAL LIABILITIES 100,022 98,700 94,381
STOCKHOLDERS' EQUITY
Preferred Stock - Par Value $1
2,302,811 Shares Issued and Outstanding at
6/30/99, 12/31/98, and 6/30/98 2,303 2,303 2,303
Common Stock - Par Value $1
179,145 Shares Issued and Outstanding at
6/30/99, 12/31/98, and 6/30/98 179 179 179
Accumulated Other Comprehensive Income 171 133 -
Capital in Excess of Par - Retired Stock 15 15 15
Undivided Profits 2,556 2,784 2,783
Current Earnings (542) (228) 159
TOTAL STOCKHOLDERS' EQUITY 4,682 5,186 5,439
TOTAL LIABILITIES AND STOCKHOLDERS' 104,704 $103,886 $99,820
EQUITY
See accompanying notes to Financial Statements
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
Three Six months ended
months
ended
June 30 June 30
(Amounts in Thousands) 1999 1998 1999 1998
INTEREST INCOME
Interest and Fees on Loans 1,885 2,058 3,823 4,073
Interest on Time Deposits - - - -
Interest on Securities Held to 51 136 111 276
Maturity
Interest & Dividends on Securities - - 2 6
Available for Sale
Interest on Federal Funds Sold 384 295 724 570
Other Interest Income - - - -
Total Interest Income 2,320 2,489 4,660 4,925
INTEREST EXPENSE
Interest on Deposits 431 450 848 908
Interest on Federal Funds Purchased - - - -
Other Interest Expense 10 10 20 20
Interest Expense on Notes Payable 2 2 5 5
Interest Expense on Debentures 40 41 80 80
Total Interest Expense 483 503 953 1,013
NET INTEREST INCOME 1,837 1,986 3,707 3,912
Provision for Loan Losses 327 189 425 489
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 1,510 1,797 3,282 3,423
OTHER INCOME
Service Charges on Deposit Accounts 295 313 576 644
Cardholder & Other Credit Card Income 174 175 329 324
ORE Income 12 4 15 7
Other Operating Income 49 59 144 151
Gain on Sale of Securities - - - -
Total Other Income 530 551 1,064 1,126
OTHER EXPENSE
Salaries and Employee Benefits 998 940 1,993 1,767
Occupancy Expense 506 467 992 947
Loan & Credit Card Expense 277 257 530 487
ORE Expense 22 39 55 80
Other Operating Expense 678 565 1,318 1,109
Total Other Expenses 2,481 2,268 4,888 4,390
Income Before Tax Provision (441) 80 (542) 159
Provision (Benefit) For Income Taxes - - - -
NET INCOME (441) 80 (542) 159
Earnings Per Share of Common Stock ($2.46) $0.45 ($3.03) $0.89
See accompanying notes to Financial Statements
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
June 30 June 30
(Amounts in thousands) 1999 1998
NET INCOME (LOSS) (542) 159
OTHER COMPREHENSIVE INCOME, NET
OF TAX
Unrealized Holding Gains
(Losses) on
Investment Securities Available- 38 1
for-
Sale, Arising During the Period
Less: Reclassification
Adjustment for
Gains Included in Net Income
OTHER COMPREHENSIVE INCOME
COMPREHENSIVE INCOME (LOSS) ($504) $160
See accompanying notes to Financial Statements
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
(Unaudited)
(Amounts in ACCUMULATED CAPITAL IN
Thousands)
OTHER EXCESS OF
COMPREHEN- PAR
PREFERRED COMMON SIVE RETIRED RETAINED
STOCK STOCK INCOME STOCK EARNINGS TOTAL
Balance December 31, 2,303 179 (1) 15 2,783 5,279
1997
Other Comprehensive
Income, net of
applicable deferred
income taxes 1 1
Net Income 159 159
Balance - June 30, 2,303 179 - 15 2,942 $5,439
1998
Balance December 31, 2,303 179 133 15 2,556 5,186
1998
Other Comprehensive
Income, net of
applicable deferred
income taxes 38 38
Net Income (Loss) (542) (542)
Balance - June 30, 2,303 179 171 15 2,014 $4,682
1999
QUARTERLY CONSOLIDATED SUMMARY OF INCOME AND SELECTED FINANCIAL DATA
Three Six Months Ended
Months Ended
(Amounts in Thousands, June 30 March 31, June 30 June 30 June 30
Except
Per Share Data) 1999 1999 1998 1999 1998
Interest Income 2,320 $2,340 $2,489 4,660 $4,925
Interest Expense 483 470 503 953 1,013
Net Interest Income 1,837 1,870 1,986 3,707 3,912
Provision for Loan 327 98 189 425 489
Losses
Net Interest Income 1,510 1,772 1,797 3,282 3,423
after Provision
Noninterest Income:
Noninterest Income 530 534 551 1,064 1,126
Securities Gains - - - - -
Noninterest Income 530 534 551 1,064 1,126
Noninterest Expense 2,481 2,407 2,268 4,888 4,390
Income before Taxes (441) (101) 80 (542) 159
Income Tax Expense - - - - -
(Benefit)
Net Income (Loss) ($441) ($101) $80 ($542) $159
Income per Common Share ($2.46) ($0.56) $0.45 ($3.03) $0.89
Average Common Shares 179 179 179 179 179
Outstanding
Selected Quarter-End Balances
Loans $56,529 $57,019 $59,509
Deposits 95,880 95,673 90,753
Long-Term Debt 2,246 2,271 2,281
Stockholders' Equity 4,682 5,085 5,439
Total Assets 104,704 105,101 99,820
Selected Average Balances
Loans $56,855 $58,592 $58,392 $57,719 $58,475
Deposits 94,694 92,366 91,070 93,830 91,175
Long-Term Debt 2,255 2,271 2,281 2,263 2,282
Stockholders' Equity 5,531 5,965 5,379 5,739 5,161
Total Assets 103,591 102,249 100,007 102,916 99,957
Selected Ratios
Return on Average Assets -0.41% -0.10% 0.08% -0.51% 0.16%
Return on Average Equity -7.69% -1.64% 1.49% -9.12% 3.08%
Tier 1 Risk-Based 10.22% 10.73% 11.18%
Capital
Risk-Based Capital 11.49% 12.00% 12.46%
Tier 1 Leverage 6.23% 6.70% 7.06%
TABLE 1. MAJOR CLASSIFICATION OF LOAN PORTFOLIO
June 30, March 31, 1999 June 30, 1998
1999
(Amounts in Loans % Loans % Loans %
Thousands)
Commercial, 4,073 7.18% 4,834 8.45% 5,332 8.96%
Financial, &
Agricultural
Real Estate Mortgage 27,486 48.83% 26,276 46.29% 24,892 41.83%
Mortgage Loan Held - 0.00% - 0.00% - 0.00%
for Resale
Personal Loans 3,179 5.60% 2,904 5.07% 3,316 5.57%
Credit Cards-Visa, 19,331 34.06% 20,278 35.43% 22,403 37.65%
MasterCard
Credit Cards- 2,363 4.16% 2,592 4.53% 3,436 5.77%
Proprietary
Overdrafts 97 0.17% 135 0.24% 130 0.22%
Loans $56,529 100.00% $57,019 100.00% $59,509 100.00%
TABLE 7. QUARTERLY SELECTED CAPITAL RATIOS
June 30, March Dec. 31, Sept. 30,June 30,
31,
1999 1999 1998 1998 1998
Risk-Based Capital
Tier 1 Risk Based 10.22% 10.73% 10.27% 11.02% 11.18%
Capital Ratio
Risk Based Capital 11.49% 12.00% 11.54% 12.29% 12.46%
Ratio
Tier 1 Leverage Ratio 6.23% 6.70% 6.89% 7.21% 7.06%