UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[x] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended
December 31, 1996
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File
No. 000-23318
Mid-Central Financial Corporation
(Exact name of registrant as specified in its charter)
Minnesota 41-1765962
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
520 South Jefferson Street, Wadena, Minnesota 56482
(Address and Zip Code of principal executive offices)
Registrant's telephone number, including area code: (218) 631-1414
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 practicable date.
Outstanding at
Class February 12, 1997
Common Stock, $.10 par value 226,699 Shares
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
MID-CENTRAL FINANCIAL CORPORATION AND SUBSIDIARY
At
December 31, At
1996 September 30,
(Unaudited) 1996
------------ ------------
ASSETS
Cash and Due from Banks .......................................... $ 3,728,068 $ 4,121,767
Interest Bearing Deposits with Banks ............................. 1,172,320 1,628,832
Investment Securities (Market Value of
$1,265,832 and $775,696) ...................................... 1,268,072 769,987
Securities Available For Sale, at Market Value ................... -- 299,250
Mortgage Backed Securities (Market Value
of $1,007,104 and $1,146,367) ................................. 999,234 1,145,028
Loans Receivable, Net ............................................ 44,067,735 43,314,885
Federal Home Loan Bank Stock ..................................... 416,200 416,200
Office Property and Equipment, Net ............................... 568,733 564,600
Real Estate Owned and in Judgment, Net ........................... -- 45,456
Accrued Interest Receivable ...................................... 397,023 405,509
Other Assets ..................................................... 75,843 159,910
------------ ------------
Total Assets .................................................. $ 52,693,228 $ 52,871,424
============ ============
LIABILITIES AND STOCKHOLDER'S EQUITY
Deposits ......................................................... $ 47,095,232 $ 46,872,604
Advance Payments by Borrowers for Taxes
and Insurance .................................................... 50,710 93,187
Accrued Interest Payable ......................................... 201,633 198,277
Accrued Income Taxes Payable ..................................... 6,823 --
Other Liabilities ................................................ 301,407 612,119
------------ ------------
Total Liabilities ............................................. $ 47,655,805 $ 47,776,187
------------ ------------
Stockholders' Equity:
Common Stock, $.10 par value; 1,000,000 shares authorized;
226,699 shares issued and outstanding as of December 31, 1996
and 247,387 shares issued and outstanding as of September 30, 1996 $ 22,670 $ 23,502
Additional Paid-In Capital ....................................... 2,072,986 2,149,021
Unamortized Deferred Compensation ................................ (27,131) (29,214)
Unrealized Holding Loss on Securities Available
for Sale, Net .................................................. -- (450)
Retained Earnings, Substantially
Restricted ..................................................... 2,968,898 2,952,378
------------ ------------
Total Stockholders' Equity ....................................... $ 5,037,423 $ 5,095,237
------------ ------------
Total Liabilities and
Stockholders' Equity ............................................. $ 52,693,228 $ 52,871,424
============ ============
See Accompanying notes to consolidated financial statements
CONSOLIDATED STATEMENTS OF INCOME
MID-CENTRAL FINANCIAL CORPORATION AND SUBSIDIARY
(Unaudited)
Three Months Ended December 31,
1996 1995
---------- ----------
INTEREST INCOME
Loans Receivable ........................... $ 913,356 $ 814,052
Mortgage - Backed Securities ............... 18,314 25,097
Investment Securities ...................... 65,528 117,893
Other ...................................... 7,322 8,227
---------- ----------
Total Interest Income .................. $1,004,520 $ 965,269
INTEREST EXPENSE ON DEPOSITS ................. $ 531,286 $ 553,307
---------- ----------
NET INTEREST INCOME .......................... $ 473,234 $ 411,962
PROVISION FOR LOAN LOSSES .................... 23,022 15,000
---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES ................... $ 450,212 $ 396,962
---------- ----------
OTHER INCOME
Loan Origination Fees ........................ $ 2,542 $ 2,741
Service Fees on Deposit Accounts ............. 25,089 26,414
Other Operating Income ....................... $ 14,440 $ 16,271
---------- ----------
Total Other Income ..................... $ 42,071 $ 45,426
---------- ----------
OTHER EXPENSE
Compensation, Payroll Taxes and
Fringe Benefits ............................ $ 184,079 $ 163,115
Occupancy .................................... 37,984 35,614
Data Processing Services ..................... 1,988 1,934
Federal Insurance Premiums ................... 32,395 32,415
Advertising .................................. 7,924 8,022
Other Operating Expense ...................... 61,277 60,923
---------- ----------
Total Other Expense .......................... $ 325,647 $ 302,023
---------- ----------
INCOME BEFORE INCOME TAX EXPENSE ............. $ 166,636 $ 140,365
INCOME TAX EXPENSE ........................... 67,004 57,073
---------- ----------
NET INCOME ................................... $ 99,632 $ 83,292
========== ==========
NET INCOME PER COMMON SHARE .................. $ 0.41 $ 0.33
========== ==========
See accompanying notes to consolidated financial statements.
MID-CENTRAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended December 31,
-------------------------------
1996 1995
----------- -----------
OPERATING ACTIVITIES
Net Income .......................................... $ 99,632 $ 83,292
Adjustments to reconcile Net Income to
Cash Provided by Operating Activities:
Federal Home Loan Bank Stock Dividend ............ -- (8,200)
Provision for Loan Losses ........................ 23,022 15,000
Provision for Real Estate Owned Losses ........... (8,022) --
Depreciation ..................................... 13,997 12,143
Amortization of Premiums on Loans, Mortgage-Backed
Securities, & Investments Securities ............ (1,438) 432
Amortization of Restricted Stock ................. 2,083 2,083
Gain on Sale of Real Estate Owned and In
Judgement ....................................... -- --
(Gain) Loss on Sale of Securities &
Other ........................................... -- 93
Increase In Deferred Income Taxes ................ 300 600
Decrease In Accrued Interest Receivable .......... 8,486 28,856
Increase (Decrease) In Income Taxes Payable ...... 68,132 (6,760)
Increase In Accrued Interest Payable ............. 3,356 9,009
Other (Net) ...................................... (335,476) (48,262)
----------- -----------
Net Cash (Used) Provided by
Operating Activities ................................ $ (125,928) $ 88,286
----------- -----------
INVESTING ACTIVITIES
Proceeds from Maturity and Calls of
Investment Securities .............................. $ 1,206,302 $ 2,646,096
Principal Collected on Investments ................. -- --
Proceeds from Sales of Investments Securities ....... -- --
Purchased of Investments Securities ................. (947,314) --
Principal Collected on Mortgage-Backed Securities ... 146,669 66,590
Purchased of Mortgage-Backed Securities ............. -- --
Net Increase in Loans ............................... (772,814) (1,763,936)
Purchased of Premises & Equipment ................... (16,740) (18,843)
Proceeds from Sale of Real Estate Owned ............. 53,477 --
----------- -----------
Net Cash (Used) Provided by
Investing Activities ................................ $ (330,420) $ 929,907
----------- -----------
FINANCING ACTIVITIES
Net Increase (Decrease) In Deposit Accounts ......... $ 222,628 $ (328,681)
Dividends Paid ...................................... (17,477) (18,554)
Redemption of Common Stock .......................... (142,502) --
----------- -----------
Net Cash (Used) Provided by
Financing Activities ................................ $ 62,649 $ (347,235)
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS ............................... $ (393,699) $ 670,958
Cash and Cash Equivalents - Beginning of Period ..... 4,121,767 2,988,544
----------- -----------
CASH AND CASH EQUIVALENTS -
END OF PERIOD ....................................... $ 3,728,068 $ 3,659,502
=========== ===========
See accompany notes to consolidated financial statements.
MID-CENTRAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS'S EQUITY
(Unaudited)
Additional Unamortized
Number Common Paid-In Deferred
Of Shares Stock Capital Compensation
----------- ----------- ----------- -----------
Balance September 30,1994 ...... 260,387 $ 26,039 $ 2,380,894 $ (60,243)
Net Income ..................... -- -- -- --
Payment of Dividends ........... -- -- -- --
Amortization of Restricted Stock -- -- -- 22,695
Redemption of Common Stock ..... (13,000) (1,300) (118,820) --
Net Unrealized Loss on
Available-for-Sale Securities -- -- -- --
----------- ----------- ----------- -----------
Balance September 30,1995 ...... 247,387 $ 24,739 $ 2,262,074 $ (37,548)
Net Income ..................... -- -- -- --
Payment of Dividends ........... -- -- -- --
Amortization of Restricted Stock -- -- -- 8,334
Redemption of Common Stock ..... (12,369) (1,237) (113,053) --
Net Unrealized Loss on
Available-for-Sale Securities -- -- -- --
----------- ----------- ----------- -----------
Balance September 30,1996 ...... 235,018 $ 23,502 $ 2,149,021 $ (29,214)
Net Income ..................... -- -- -- --
Payment of Dividends ........... -- -- -- --
Amortization of Restricted Stock -- -- -- 2,083
Redemption of Common Stock ..... 8,319 (832) (76,035) --
Net Unrealized Loss on
Available-for-Sale Securities -- -- -- --
----------- ----------- ----------- -----------
Balance December 31,1996 ....... 226,699 $ 22,670 $ 2,072,986 $ (27,131)
=========== =========== =========== ===========
(WIDE TABLE CONTINUED FROM ABOVE)
Net Unrealized
Gain(Loss) on
Available-for Retained
Sale Securities Earnings Total
----------- ----------- -----------
Balance September 30,1994 ...... $ -- $ 2,693,126 $ 5,039,816
Net Income ..................... -- 325,577 325,577
Payment of Dividends ........... -- (77,142) (77,142)
Amortization of Restricted Stock -- -- 22,695
Redemption of Common Stock ..... -- (56,955) (177,075)
Net Unrealized Loss on
Available-for-Sale Securities (3,600) -- (3,600)
----------- ----------- -----------
Balance September 30,1995 ...... $ (3,600) $ 2,884,606 $ 5,130,271
Net Income ..................... -- 227,767 227,767
Payment of Dividends ........... -- (73,289) (73,289)
Amortization of Restricted Stock -- -- 8,334
Redemption of Common Stock ..... -- (86,706) (200,996)
Net Unrealized Loss on
Available-for-Sale Securities 3,150 -- 3,150
----------- ----------- -----------
Balance September 30,1996 ...... $ (450) $ 2,952,378 $ 5,095,237
Net Income ..................... -- 99,632 99,632
Payment of Dividends ........... -- (17,477) (17,477)
Amortization of Restricted Stock -- -- 2,083
Redemption of Common Stock ..... -- (65,635) (142,502)
Net Unrealized Loss on
Available-for-Sale Securities 450 -- 450
----------- ----------- -----------
Balance December 31,1996 ....... $ -- $ 2,968,898 $ 5,037,423
=========== =========== ===========
MID-CENTRAL FINANCIAL CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements
(1) Basis of Presentation
The accompanying unaudited Consolidated Financial Statements have been
prepared in accordance with the instructions to Form 10-Q. The Form
10-Q does not include all the information and footnotes required by
generally accepted accounting principles for complete financial
statements. It is assumed that the readers of these interim financial
statements have read or have access to the Mid-Central Financial
Corporation 1996 Annual Report for the period ended September 30, 1996.
Therefore, only material changes in financial condition and results of
operations are discussed in Management's Discussion and Analysis.
In the opinion of management, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting of normal
accruals) considered necessary for a fair presentation. The results of
operations for interim periods are not necessarily indicative of the
results to be expected for the entire year.
(2) Earnings per Share
The weighted average number of shares outstanding for purposes of
computing primary earnings per share for the three months ended
December 31, 1996 were 240,410. The weighted average number of shares
outstanding for purposes of computing primary earnings per share for
the three months ended December 31, 1995 were 251,542. All of the
foregoing weighted average number of share calculations include both
shares of common stock outstanding and common stock equivalents
attributable to outstanding common stock options.
(4) Regulatory Capital Requirements
At December 31, 1996, Mid-Central Federal Savings Bank (the "Bank"),
the subsidiary of Mid-Central Financial Corporation, exceeded each of
the three current minimum regulatory capital requirements. The
following table shows the calculation of the Bank's tangible, core, and
risk-based capital and applicable percentages of adjusted assets at
December 31, 1996.
At December 31, 1996
(Dollars in Thousands) Amount Percentage
---------------------- ------ ----------
Tangible capital $4,403 8.35%
Tangible capital requirement 791 1.50
------ ----
Excess $3,612 6.85%
====== =====
Core capital $4,403 8.35%
Core capital requirement 1,582 3.00
------ ----
Excess $2,821 5.35%
====== =====
Risk-based capital $4,626 14.96%
Risk-based capital requirement 2,474 8.00
------ -----
Excess $2,152 6.96%
====== =====
(5) Stock Repurchase
On October 1, 1996 the Company initiated a stock repurchase program to
purchase 23,501 shares of common stock from its shareholders on the
open market. The Company purchased 2,000 shares of common stock on
October 18, 1996 for an average price per share of $16.75 and purchased
6,319 shares of common stock on December 26, 1996 for an average price
per share of $17.25.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
OVERVIEW
Mid-Central Financial Corporation (the "Company") currently conducts no
business other than through its subsidiary, Mid-Central Federal Savings Bank
(the "Bank"), a federal stock-chartered savings bank. The principal business of
the Bank is attracting deposits from the general public through a variety of
deposit programs and originating loans secured primarily by owner-occupied
residential properties and, to a lesser extent, originating consumer loans. The
Bank presently operates out of three full service offices located in the central
Minnesota towns of Wadena, Long Prairie, and Staples.
RESULTS OF OPERATIONS
Net Income. The Company recorded net income of $99,632 for the quarter
ended December 31, 1996, an increase of $16,340, or 20% from net income of
$83,292 recorded for the quarter ended December 31, 1995. The increase was
primarily the result of an increase in net interest income of $61,272 offset by
an increase in the compensation and benefits expense of $20,964. Net income for
the three months ended December 31, 1996 represents an annualized return on
average assets of 0.76% compared with an annualized return on average assets of
0.63% for the three months ended December 31, 1995.
Net Interest Income. Net interest income increased by $61,272 or 14.9%,
from $411,962 for the three months ended December 31, 1995, to $473,234 for the
three months ended December 31, 1996. The increase in the net interest income
was primarily due to an increase in the volume of mortgage loans and a decrease
in the rate of interest paid on certificates of deposit between the two periods.
The net interest margin for the quarter ended December 31, 1996, was 3.77%, an
increase from 3.32% for the quarter ended December 31, 1995. The interest rate
spread between interest earning assets and interest bearing liabilities also
increased to 3.46% for the quarter ended December 31, 1996, from 3.05% for the
quarter ended December 31, 1995.
Provision for Loan Losses. The provision for loan losses of $23,022 for
the three month period ended December 31, 1996 reflects management's best
estimate that the allowance for loan losses is adequate to cover future loan
losses. For the three month period ended December 31, 1995, the Company recorded
a provision for loan losses of $15,000.
Non-Interest Income. Non-interest income decreased by $3,355, or 7%,
from $45,426 for the three months ended December 31, 1995 to $42,071 for the
three months ended December 31, 1996. This decrease occurred primarily between
two income categories: service fees on deposit accounts and other operating
income.
Non-Interest Expense. Non-interest expense increased by $23,624, or
6.7%, from $302,023 for the three months ended December 31, 1995 to $325,647 for
the three months ended December 31, 1996. The increase was caused primarily by
an increase in the compensation and benefits expense.
Compensation, Payroll, and Fringe Benefits increased by $20,964, or
12.9% from $163,115 for the three months ended December 31, 1995 to $184,079 for
the three months ended December 31, 1996. The increase in compensation was
primarily due to an increase in the number of full-time equivalent employees
from December 31, 1995 to December 31, 1996.
Income Taxes. Income taxes increased by $9,931 for the three month
period ended December 31, 1996 from the same period ended December 31, 1995. The
effective tax rate between the two periods stayed virtually the same.
FINANCIAL CONDITION
Interest Bearing Deposits with Banks. Interest bearing deposits with
banks decreased by approximately $457,000, or 28%, from September 30, 1995 to
December 31, 1996. This decrease is solely attributable to the maturity of
approximately $457,000 in securities.
Investment Securities. Investment securities increased by approximately
$500,000, or 65% from September 30, 1996 to December 31, 1996. The increase was
due to the the purchase of approximately $950,000 in investment securities
offset by maturities and payments. On September 30, 1996 there was an unrealized
gain on investment securities of $5,709; as of December 31, 1996, the unrealized
gain on investment securities had changed to an unrealized loss of $2,240.
Securities Available for Sale. At December 31, 1996 the Company carried
no securities in the available-for-sale investment category. The Company's last
available-for-sale security was called in December, 1996 and no securities were
purchased for the available-for-sale investment category during the three month
period ended December 31, 1996.
Mortgage-Backed Securities. Mortgage-backed securities decreased by
$145,794, or 13%, from September 30, 1996 to December 31, 1996. The decrease was
due to the payment of scheduled payments and prepayments on mortgage-backed
securities. At December 31, 1996, mortgage-backed securities had an unrealized
gain of $7,870 compared to and unrealized gain of $1,339 at September 30, 1996.
Loans Receivable. Loans receivable increased $752,850, or 1.7%, from
September 30, 1996 to December 31, 1996. This increase reflects the origination
or purchase of approximately $3.9 million in loans during the three month
period, partially offset by loan repayments.
Allowance for Loan Losses. The allowance for Loan losses is based upon
management's consideration of current and anticipated economic conditions which
may affect the ability of the borrowers and the Loan portfolio to repay their
loans. At December 31, 1996 the Company provided allowances for Loan losses of
$223,114, or 0.50% of total loans. At September 30, 1996 the Company provided
allowances for Loan losses of $208,670, or 0.48% of total loans. In management's
opinion such allowances for Loan losses are adequate to cover the anticipated
Loan losses of the current Loan portfolio.
Deposits. Deposits increased by $222,628, or 0.5% from September 30,
1996 to December 31, 1996. The increase was primarily due to increases in the
balances of $100,000 Certificate of Deposit accounts.
Stockholders' Equity. Stockholder's Equity decreased by $57,814, or
1.1%, from September 30, 1996, to December 31, 1996. This decrease was primarily
due to the purchase of common stock for approximately $143,000 offset by net
income for the three month period of approximately $100,000.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of funds are principal and interest
payments on loans, investments, and mortgage-backed securities, and funds
provided by operations. Mortgage-backed amortization and short-term investments
are a relatively predictable source of funds. Current Office of Thrift
Supervision regulations require the Bank to maintain cash and eligible
investments in an amount equal to at least 5% of customer accounts and
short-term borrowing to assure its ability to meet demands for withdrawals. At
December 31, 1996, the Bank's long-term liquidity ratio was 12.7% which was in
excess of the minimum regulatory requirements.
The Company uses its capital resources principally to meet its ongoing
commitments to fund maturing certificates of deposits and Loan commitments,
maintain its liquidity, and meet operating expenses. At December 31, 1996, the
Company had commitments to originate loans totaling $166,467. The Company
considers its liquidity and capital resources to be adequate to meet its
foreseeable short and long-term needs. The Company expects to be able to fund or
refinance, on a timely basis, its material commitments and long-term
liabilities.
MID-CENTRAL FINANCIAL CORPORATION AND SUBSIDIARY
Supplementary Information (Unaudited)
Consolidated Average Balance Sheets, Interest and Dividends
Earned or Paid, and Related Interest Yields and Rates
Three Months Ended December 31
---------------------------------------------------------------------------------------
1996 1995
----------------------------------------- ----------------------------------------
Interest Interest
Average and Yield/ Average and Yield/
Balance Dividends Cost Balance Dividends Cost
------------ ---------- ----- ------------ --------- ------
(Dollars in thousands)
INTEREST-EARNING ASSETS:
Mortgage loans......................... $34,290,690 $ 681,108 7.95% $30,223,002 $ 606,813 8.03%
Consumer loans......................... 8,600,528 202,119 9.40 8,401,021 195,394 9.30
Commercial business loans.............. 1,285,904 30,129 9.37 476,297 11,485 9.95
------------ ---------- ----- ------------ --------- ------
Total net loans...................... $44,177,122 $ 913,356 8.27% $39,100,320 $ 814,052 8.33%
Mortgage-backed securities............. 1,174,715 18,314 6.89 1,424,041 25,097 7.05
Investment securities.................. 2,744,869 45,974 6.44 7,546,748 104,520 5.54
Daily interest-bearing deposits........ 2,075,396 26,876 5.18 1,531,854 21,600 5.64
------------ --------- ------ ----------- --------- ------
Total interest-earning assets........ $50,172,102 $1,004,520 8.01% $49,602,963 $ 965,269 7.78%
NON-INTEREST EARNING ASSETS:
Office properties and equipment, net... 565,296 577,937
Real estate, net....................... 11,364 59,977
Other non-interest-earning assets...... 1,907,683 2,414,853
------------ -----------
Total assets......................... $52,656,445 $52,655,730
========== ==========
INTEREST-BEARING LIABILITIES:
Passbook accounts...................... $ 5,496,852 $ 35,409 2.58% $ 5,450,911 $ 36,068 2.65%
NOW and money market accounts.......... 8,165,228 49,047 2.40 8,403,097 51,784 2.46
Certificates of deposit................ 33,075,368 446,830 5.40 32,935,855 465,455 5.65
---------- --------- ------ ---------- --------- ------
Total interest-bearing liabilities... $46,737,448 $ 531,286 4.55% $46,789,863 $ 553,307 4.73%
NON-INTEREST-BEARING LIABILITIES:
Other liabilities ..................... 831,904 696,058
---------- ----------
Total liabilities.................... $47,569,352 $47,485,921
Retained earnings....................... 5,087,093 5,169,809
---------- ----------
Total liabilities
and retained earnings............. $52,656,445 $52,655,730
========== ==========
Net interest income..................... $ 473,234 $ 411,962
======== ========
Interest rate spread.................... 3.46% 3.05%
==== ====
Net interest margin..................... 3.77% 3.32%
==== ====
Ratio of average interest-earning
assets to average interest-bearing liabilities........ 107.35% 106.01%
====== ======
MID-CENTRAL FINANCIAL CORPORATION AND SUBSIDIARY
Supplementary Information (unaudited)
Effects of Changing Rates and Volumes on Net Interest Income
Three Months Ended December 31, 1996 Compared to Three Months Ended
December 31, 1995 Increase/Decrease Due to
Volume Rate Total
---------- ------------ ---------
Interest-earnings assets:
Mortgage loans..................................... $ 80,430 $ (6,135) $ 74,295
Consumer loans.................................... 4,629 2,096 6,725
Commercial business loans.......................... 19,013 (729) 18,284
---------- ------------ ---------
Total net change in
income on loans................................. $ 104,072 $ (4,768) $ 99,304
Mortgage-backed securities ........................ (6,226) (557) (6,783)
Investment securities & Other...................... (73,336) 14,790 (58,546)
Daily interest-bearing
deposits.......................................... 7,155 (1,879) 5,276
------------ ----------- ----------
Total net change in
on interest-
earning assets.................................... $ 31,665 $ 7,586 $ 39,251
---------- ----------- ---------
Interest-bearing liabilities:
Passbook........................................... $ 302 $ (961) $ (659)
NOW and money market accounts...................... (1,470) (1,267) (2,737)
Certificates of deposit............................ 1,970 (20,595) (18,625)
----------- ---------- ----------
Total net change in
expense on deposits.............................. $ 802 $ (22,823) $ (22,021)
------------ ---------- ---------
Net change in net
interest income................................... $ 30,863 $ 30,409 $ 61,272
========== ========= ==========
MID-CENTRAL FINANCIAL CORPORATION AND SUBSIDIARY
Supplementary Information
At
December 31, At
1996 September 30,
(unaudited) 1996
------------ -------------
NON-PERFORMING LOANS
Loans accounted for on a nonaccrual basis:
Residential real estate .......................... $ 44,751 $ 17,562
Commercial real estate ........................... -- --
Commercial business .............................. -- --
Consumer ......................................... 8,728 8,668
-------- --------
Total ............................................ $ 53,479 $ 26,230
-------- --------
Total nonaccrual loans ............................. 53,479 26,230
Real Estate Owned .................................. -- 53,477
-------- --------
Total non-performing assets ........................ $ 53,479 $ 79,707
======== ========
Total loans delinquent 90
days or more to net loans ........................ 0.12% 0.06%
======== ========
Total loans delinquent 90
days or more to total assets ..................... 0.10% 0.05%
======== ========
Total non-performing assets
to total assets .................................. 0.10% 0.15%
======== ========
CLASSIFIED ASSETS
Doubtful ........................................... $ -- $ --
Substandard ........................................ 222,094 433,266
Special Mention .................................... 155,902 1,714
-------- --------
Total Classified Assets .......................... $377,996 $434,980
======== ========
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None.
Item 2. Changes in Securities.
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) Exhibits.
Exhibit 11 - Computation of Earnings per Share
Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K - None.
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.
MID-CENTRAL FINANCIAL CORPORATION
(Registrant)
Date: February 12, 1997 By /s/ Gary W. Sellman
------------------------
Gary W. Sellman
President, Chief Executive Officer
and Chief Financial Officer