UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number: 33-58832
FIRST CENTRAL BANCSHARES, INC.
(Exact name of small business issue as specified in its charter)
Tennessee
(State or other jurisdiction of incorporation or organization)
725 Highway 321 North, Lenoir City, Tennessee
(Address of principal executive office)
62-1482501
(I.R.S. Employer Identification No.)
37771-0230
(Zip Code)
Registrant's telephone number, including area code: (423) 986-1300
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock (par
value $1.00 per share)
Indicate by 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 by mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or (15d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes [x] No [ ]
The number of outstanding shares of the registrant's Common Stock, par
value $5.00 per share, was 466,755 on April 25, 1997.
FORM 10-QSB
Index
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
as of March 31, 1997 and December 31, 1996. . . . . . . . . . 3
Condensed Consolidated Statements of Income
for the three months ended March 31, 1997 and 1996. . . . . . 4
Condensed Consolidated Statements of Cash
Flows for the three months ended March 31, 1997
and 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Notes to Condensed Consolidated Financial Statements. . . . . 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations. . . . . . . . . . . . . . . . . . . . . . . . .7-13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . .13
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . .13
Item 3. Defaults upon Senior Securities . . . . . . . . . . . . . . .13
Item 4. Submission of Matters to a Vote
of Securities Holders . . . . . . . . . . . . . . . . . . . .13
Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . .13
Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . .14
Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements
FIRST CENTRAL BANCSHARES, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands)
March 31, December 31,
1997 1996
- -ASSETS-
Cash and Due from Banks $ 2,965 $ 2,764
Federal Funds Sold 2,785 1,430
Total Cash and Cash Equivalents 5,750 4,194
Investment Securities Available for Sale 10,630 11,066
Loans, Net 56,200 55,539
Premises and Equipment (Net) 3,453 3,365
Accrued Interest Receivable 385 474
Other Assets 178 209
TOTAL ASSETS $76,596 $74,847
- -LIABILITIES AND STOCKHOLDERS' EQUITY-
Liabilities:
Deposits
Non-Interest Bearing $ 9,975 $ 9,499
Interest Bearing 59,679 58,375
Total Deposits 69,654 67,874
Accrued Interest Payable 305 331
Other Liabilities 161 323
Total Liabilities 70,120 68,528
Stockholders' Equity:
Common Stock - Par Value $5.00, Authorized
2,000,000 Shares; Issued and Outstanding
466,755 2,334 2,334
Additional Paid-In Capital 3,427 3,427
Retained Earnings (Deficit) 823 592
Unrealized Gain (Loss) on Securities (108) (34)
Total Stockholders' Equity 6,476 6,319
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $76,596 $74,847
See accompanying notes to financial statements.
FIRST CENTRAL BANCSHARES, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Income
(Unaudited)
(In Thousands Except
per Share Information)
Three Months Ended
March 31,
1997 1996
INTEREST INCOME:
Loans $1,413 $1,158
Investment Securities and CDs 183 170
Federal Funds Sold 18 103
Total Interest Income 1,614 1,431
INTEREST EXPENSE 717 712
Net Interest Income 897 719
PROVISION FOR LOAN LOSSES 35 43
Net Interest Income After
Provision for Loan Losses 862 676
OTHER INCOME 123 90
OPERATING EXPENSES 612 516
INCOME BEFORE INCOME TAX 373 250
INCOME TAXES 142 97
NET INCOME $ 231 $ 153
EARNINGS PER SHARE $ 0.49 $ 0.33
See accompanying notes to financial statements.
FIRST CENTRAL BANCSHARES, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
Three Months Ended
March 31,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 231 $ 153
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Provision for Loan Losses 35 43
Depreciation 60 55
Amortization 1 1
Decrease in Interest Receivable 89 121
Increase (Decrease) in Interest Payable (26) 58
Amortization of Premiums (Discounts) on
Investment Securities and CDs, Net 5 2
FHLB Stock Dividends (5) (7)
(Increase) Decrease in Other Assets 30 (140)
(Decrease) in Other Liabilities (162) (249)
Total Adjustments 27 (116)
Net Cash Provided by Operating Activities 258 37
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds From Maturities, Principal Paydowns and
Redemption of Investment Securities Available
for Sale 862 2,944
Purchase of Investment Securities Available
for Sale (500) (6,230)
Increase in Loans (696) (2,735)
Purchase of Premises and Equipment (148) (126)
Net Cash Used in Investing Activities (482) (6,147)
NET CASH PROVIDED BY INVESTING ACTIVITIES
Increase in Deposits 1,780 5,679
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,556 (431)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 4,194 10,726
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 5,750 $10,295
Supplementary Disclosure of Cash Flow Information:
Cash Paid During the Period For:
Interest $ 743 $ 654
Income Taxes $ 199 $ 104
Supplementary Disclosures of Noncash Investing Activities:
Change in Unrealized Loss on Investment Securities $ 120 $ 186
Change in Deferred Income Tax Benefit Associated with
Unrealized Loss on Investment Securities $ 46 $ 71
Change in Net Unrealized Loss on Investment Securities$ 74 $ 115
Issuance of Common Stock Dividend:
Par $ -0- $ 212
Capital in Excess of Par Value $ -0- $ 848
Reduction in Retained Earnings Due to Issuance of
Common Stock $ -0- $ 1,060
See accompanying notes to financial statements.
FIRST CENTRAL BANCSHARES, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
March 31, 1997 and 1996
NOTE 1 - ORGANIZATION AND BUSINESS
First Central Bancshares, Inc. (the Company) was incorporated in 1993 for the
purpose of becoming a one bank holding company. On April 3, 1993, the Company
acquired 100% of First Central Bank (the Bank) through a share exchange
agreement approved by the shareholders of the Bank. The investment in First
Central Bank represents virtually all of the assets of First Central
Bancshares, Inc.
The consolidated financial statements include the accounts of First Central
Bancshares, Inc. and its wholly owned subsidiary, First Central Bank. All
significant intercompany transactions and balances have been eliminated.
NOTE 2 - BASIS OF PRESENTATION
The accompanying consolidated financial statements have been prepared by the
Company. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. In the opinion of the Company's
management, the disclosures made are adequate to make the information
presented not misleading, and the consolidated financial statements contain
all adjustments necessary to present fairly the financial position as of
March 31, 1997, results of operations for the three months ended March 31,
1997 and 1996, and cash flows for the three months ended March 31, 1997 and
1996.
The results of operations for the three months ended March 31, 1997 are not
necessarily indicative of the results to be expected for the full year.
NOTE 3 - COMMON STOCK DIVIDEND
In February 1996, the Company distributed a ten percent (10%) dividend to its
stockholders by issuing an additional 42,376 shares of common stock. The
Company used a fair market value of $25.00 per share and credited common stock
$5.00 per share or $211,880, additional paid in capital $20.00 or $847,520,
and charged retained earnings a total of $1,059,400. No stock dividends were
declared during the quarter ended March 31, 1997.
NOTE 4 - ACCOUNTING POLICY CHANGES
In June 1996, the FASB issued SFAS No. 125, Accounting for Transfers and
Service of Financial Assets and Extinguishments of Liabilities. In December
1996, the FASB subsequently issued SFAS No. 127, Deferral of the Effective
Date of Certain Provisions of SFAS No. 125 as an amendment of SFAS statement
No. 125. The adoption of these FASBs are not expected to materially impact
the consolidated financial statements.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
BALANCE SHEET ANALYSIS - COMPARISON AT MARCH 31, 1997 TO DECEMBER 31, 1996
Assets totalled $76.6 million as of March 31, 1997, as compared to $74.8
million as of December 31, 1996, an increase of 2.41%.
INVESTMENT SECURITIES
Investment securities were $10.6 million or 13.9% of total assets, as of
March 31, 1997 a decrease of $500,000 from $11.1 million as of December 31,
1996. During the three-month period there were $862 thousand in calls,
maturities, and principal paydowns offset by the purchase of $500 thousand in
agency securities.
The investment portfolio is comprised of U.S. Government and federal agency
obligations and mortgage-backed securities issued by various federal agencies.
Mortgage-backed issues comprised 17.37% of the portfolio as of March 31, 1997
and 17.31% as of December 31, 1996.
As of March 31, 1997 and December 31, 1996, the Bank's entire investment
portfolio was classified as available for sale and reflected on the balance
sheet at fair value with unrealized gains and losses excluded from earnings
and reported as a separate component of stockholders' equity. The net
unrealized loss on securities available for sale, net of tax was approximately
$108,000 as of March 31, 1997, a change of approximately $74,000 from
December 31, 1996, a result of deterioration in the bond market. The fair
value of securities fluctuates with the movement of interest rates.
Generally, during periods of decreasing interest rates, the fair values
increase whereas the opposite may hold true during a rising interest rate
environment.
LOANS
During the first three months of 1997, total gross loans outstanding increased
by approximately $887,000 to $58.3 million as of March 31, 1997 from $57.5
million as of December 31, 1996 attributable primarily to $7.4 million in
originated loans offset by amortization and payoffs. As of March 31, 1997 and
December 31, 1996, net loans outstanding represented 73% and 74% of total
assets, respectively. Table 1 summarizes the Bank's loan portfolio by major
category as of March 31, 1997 and December 31, 1996.
Table 1 - Loan Portfolio by Category
(In Thousands)
March 31, December 31,
1997 1996
Loans secured by real estate:
Commercial properties $15,487 $15,745
Construction and land development 8,278 7,781
Residential and other properties 17,222 16,816
Total loans secured by real estate 40,987 40,342
Commercial and industrial loans 4,611 5,500
Consumer loans 11,909 10,719
Other loans 847 906
58,354 57,467
Less: Allowance for loan losses (574) (563)
Unearned interest (1,526) (1,303)
Unearned loan fees (54) (62)
Loans, Net $56,200 $55,539
As of March 31, 1997, there were outstanding commitments to advance
construction funds and to originate loans in the amount of $11.3 million and
commitments to advance existing home equity, letters of credit and other
credit lines in the amount of $7.1 million.
Loans are carried net of the allowance for loan losses. The allowance is
maintained at a level to absorb possible losses within the loan portfolio.
As of March 31, 1997 and December 31, 1996, the allowance had a balance of
approximately $574,000 and $563,000, respectively. There were no loans on
which the accrual of interest had been discontinued as of March 31, 1997 or
at December 31, 1996, and there were no loans specifically classified as
impaired as defined by SFAS No. 114. Table 2 summarizes the allocation of the
loan loss reserve by major categories and Table 3 summarizes the activity in
the loan loss reserve for the three month period.
Table 2 - Allocation of the Loan Loss Reserve (in Thousands)
3-31-97 % to 12-31-96 % to
Balance applicable to: $ Amount Total $ Amount Total
Commercial, financial, and agricultural $ 69 12.03% $ 64 11.37%
Real Estate - Construction 83 14.46% 78 13.85%
Real Estate - Mortgages 135 23.52% 169 30.02%
Installment - Consumers 119 20.73% 108 19.18%
Other 13 2.26% -0- .00%
Other Unallocated 155 27.00% 144 25.58%
Total $574 100.00% $563 100.00%
Table 3 - Analysis of Loan Loss Reserve
(In Thousands) 3-31-97 3-31-96
Balance, at beginning of period $563 $434
Charge-offs:
Commercial, financial, and agricultural -0- -0-
Real estate - construction -0- -0-
Real estate - mortgage -0- -0-
Installment - Customers 37 24
Other -0- -0-
Recoveries:
Commercial, financial, and agricultural -0- -0-
Real estate - construction -0- -0-
Real estate - mortgages -0- -0-
Installment - consumers 13 6
Other -0- -0-
Net charge-offs 24 18
Additions to loan loss reserve 35 43
Balance at end of period $574 $459
Ratio of net charge-offs to average loans outstanding .04% .04%
DEPOSITS
Deposits increased by $1.8 million to $69.7 million as of March 31, 1997 from
$67.9 million as of December 31, 1996, an increase of 2.65%. Demand deposits,
which include regular, money market, NOW and demand deposits, were $33.0
million, or 47.3% of total deposits, at March 31, 1997. Core deposits were
33.0% of total deposits at December 31, 1996. During the three-month period,
the Bank was successful in increasing the balances in the demand deposit
category. Certificate accounts were $36.7 million at March 31, 1997, a
decrease of $1.3 million over the $38.0 million as of December 31, 1996.
Table 4 summarizes the Bank's deposits by major category as of March 31, 1997
and December 31, 1996.
Table 4 - Deposits by Category
(In Thousands)
March 31, December 31,
1997 1996
Demand Deposits:
Noninterest-bearing accounts $ 9,975 $ 9,499
NOW and MMDA accounts 19,861 16,916
Savings accounts 3,128 3,437
Total Demand Deposits 32,964 29,852
Term Deposits:
Less than $100,000 $28,437 $29,051
$100,000 or more 8,253 8,971
36,690 38,022
$69,654 $67,874
CAPITAL
During the three month period ended March 31, 1997, stockholders' equity
increased by $157,000 to $6.5 million, due to net income for the period of
$231,000 offset by the decrease in the value of securities available for sale.
LIQUIDITY AND CAPITAL RESOURCES
The Bank's primary sources of liquidity are deposit balances, available-for-
sale securities, principal and interest payments on loans and investment
securities and FHLB advances.
As of March 31, 1997, the Bank held $10.6 million in available-for-sale
securities and during the first three months of 1997 the Bank received
$862,000 in proceeds from maturities, redemptions and principal payments on
its investment portfolio. Deposits increased by $1.8 million during the same
three month period.
The Bank is a member of the Federal Home Loan Bank of Cincinnati (FHLB) and
is eligible to obtain both short and long term credit advances. Borrowing
capacity is limited to the Bank's available qualified collateral which
consists primarily of certain 1-4 family residential mortgages and certain
investment securities. The Bank had advances outstanding from the FHLB of
approximately $45,000 at March 31, 1997.
The Bank can also enter into repurchase agreement transactions should the need
for additional liquidity arise. At March 31, 1997, the Bank had no repurchase
agreements outstanding.
As of March 31, 1997, the Bank had capital of $6.5 million, or 8.5% of total
assets, as compared to $6.3 million, or 8.4%, at December 31, 1996. Tennessee
chartered banks that are insured by the FDIC are subject to minimum capital
requirements. Regulatory guidelines define the minimum amount of qualifying
capital an institution must maintain as a percentage of risk-weighted assets
and total assets.
Table 5 - Regulatory Capital
(Dollars in Thousands)
Minimum
March 31, December 31, Regulatory
1997 1996 Ratios
Tier 1 Capital as a Percentage
of Risk-Weighted Assets 11.19% 11.9% 4.00%
Total Capital as a Percentage
of Risk-Weighted Assets 11.03% 10.9% 8.00%
Leverage Ratio 8.77% 9.20% Up to 5.00%
Total Risk-Weighted Assets $58,711 $58,125
As of March 31, 1997 and December 31, 1996, the Bank exceeded all of the
minimum regulatory capital ratio requirements.
RESULTS OF OPERATIONS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 1997 AND
1996
GENERAL
The Bank reported net income of $231,000, or $0.49 per share for the three
month period ended March 31, 1997 as compared with $153,000 or $0.30 per share
for the same period in 1996, an increase of 50.98%.
NET INTEREST INCOME
Net interest income increased by $178,000 to $897,000, for the three month
period in 1997 from the comparable period in 1996. Contributing to this
increase was an increase in average interest earning assets. Average interest
earning assets, at a yield of 9.16% totalled $70.5 million as of March 31,
1997. In comparison in 1996, average interest earning assets, at a yield of
8.85%, totalled $64.7 million.
Interest and dividend income increased by $183,000 for the three month period
in 1997 compared to the same period in 1996. This improvement is primarily
attributable to an increase of approximately $5.8 million, or 9%, in the
volume of average earning assets during the three month period ended March 31,
1997 compared to the three month period ended March 31, 1996. Interest income
on loans increased by $255,000 over the same two periods primarily as a result
of an increase of approximately $11.6 million in average loans outstanding.
Over the same two periods, interest and dividends on investments increased
only by $13,000 due to an increase of approximately $844,000 or 8.34% in the
volume of investments during the three month period. Interest income on
Federal Funds Sold decreased by $85,000 due to an decrease of approximately
$6.7 million in average Federal Funds Sold outstanding during the three month
period as compared to $103,000 during the same period in 1996.
Total interest expense increased $5,000 for the three month period ended March
31, 1997 compared to the same period in 1996. Interest on deposits increased
by $5,000 as a result of lower weighted average rates paid on deposits.
Interest paid on Federal Home Loan Bank advances for the two comparable
periods was unchanged. The average rate on interest-bearing liabilities
decreased to 4.88% for the three month period in 1997 from 5.20% in the
comparable period of 1996.
Table 6 - Average Balances, Interest and Average Rates
March 31
1997 (in thousands) 1996
Average Average Average Average
Balance Interest Rate Balance Interest Rate
Assets:
Federal Funds Sold $ 1,315 $ 18 5.48% $ 7,973 $ 103 5.17%
Investments:
Securities--Taxable 10,964 183 6.68% 10,120 170 6.72%
Non-Taxable -0- -0- N/A -0- -0- N/A
Total Loans, Including
Fees 58,226 1,413 9.71% 46,592 1,158 9.94%
Total Interest Earning
Assets 70,505 1,614 9.16% 64,685 1,431 8.85%
Cash and Due From Banks 2,400 2,358
All Other Assets 3,995 3,564
Loan Loss Reserve/
Unearned Fees (2,023) (1,336)
TOTAL ASSETS $74,877 $69,271
Liabilities and Stockholders Equity:
Interest Bearing Deposits:
Time Deposits $36,595 $ 505 5.52% $40,654 $ 601 5.91%
Other 22,104 211 3.82% 14,029 110 3.14%
FHLB Advances 45 1 8.89% 47 1 8.51%
Federal Funds Purchased -0- -0- 0.00% -0- -0- 0.00%
Total Interest-Bearing
Liabilities 58,744 717 4.88% 54,730 712 5.20%
Net Interest Income 897 719
Non-Interest Bearing
Deposits 9,128 8,289
Total Cost of Funds 4.22% 4.52%
All Other Liabilities 576 576
Stockholders Equity 6,472 5,663
Unrealized Gain/Loss on
Securities (43) 5
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $74,877 $69,271
Net Interest Yield 4.28% 3.65%
Net Interest Margin 5.09% 4.45%
Table 7 - Interest Rate Sensitivity
(In Thousands) March 31, 1997
Less One Year Greater Non-
Than Through Than Interest
1 Year 5 Years 5 Years Bearing Total
Asset:
Federal Funds Sold $ 2,785 $ 2,785
Investments 251 $ 4,062 $ 6,317 10,630
Loans - Fixed Rate 10,887 30,178 164 41,229
Floating Rate 17,125 17,125
Non-Interest Earning Assets
and Unearned Assets/Loan
Loss Reserve 4,827 4,827
31,048 34,240 6,481 4,827 76,596
Liabilities and Stockholders' Equity:
Interest-Bearing Deposits 53,021 6,658 -0- 59,679
Non-Interest Bearing Deposits 9,975 9,975
FHLB Advances 45 45
Noninterest Bearing Liabilities
and Stockholders' Equity 6,897 6,897
Total 53,021 6,658 45 16,872 76,596
Interest Rate Sensitivity Gap (21,973) 27,582 6,436 (12,045) -0-
Cumulative Interest Rate
Sensitivity Gap $(21,973) $ 5,609 $12,045 $ -0- $ -0-
OTHER INCOME
Total other income was $123,000 for the three month period ended March 31,
1997 as compared to $90,000 for the same period in 1996, an increase of
$33,000. Other income is comprised primarily of customer service fees and
other items. Contributing to the increase in other income was modest growth
of $27,000 in checking service fees and NSF charges resulting primarily from
an increase in the number of checking accounts.
OPERATING EXPENSES
Total operating expenses were $612,000 annualized, or 3.27% of average total
assets, for the three month period ended March 31, 1997 as compared to
$516,000, or 2.98%, for the same period in 1996. Both the salaries and
employee benefits and occupancy and equipment categories of expenses increased
when comparing the two periods. Salaries and employee benefits increased by
$23,000 or 10.92% over the first three months of 1997 due to normal salary
increases. Occupancy and equipment expenses increased approximately $13,000
when compared to expenses at March 31, 1996, an increase of 12.05%.
INCOME TAXES
The Bank recognizes income taxes using the Financial Accounting Standards
Board Statement No. 109, Accounting for Income Taxes. Under this method,
deferred tax assets and liabilities are established for the temporary
differences between the accounting basis and the tax basis of the Bank's
assets and liabilities at enacted tax rates expected to be in effect when the
amounts related to such temporary differences are realized or settled. The
Bank's deferred tax asset is reviewed quarterly and adjustments to such asset
are recognized as deferred income tax expense or benefit based on management's
judgment relating to the realizability of such asset.
During the three month period ending March 31, 1997, the Bank recorded
$142,000 in tax expense which resulted in an approximate effective rate of
38%. Comparably, in 1996, the Bank recorded $97,000 in tax expense, resulting
in an approximate effective rate of 39%.
FIRST CENTRAL BANCSHARES, INC. AND SUBSIDIARY
PART 1 - 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 27 - Financial Data Schedule.
Exhibit 27 - Financial Data Schedule
3-31-97
Amount (In Thousands)
Cash $2,965
Interest-Bearing Deposits 9,975
Federal Funds Sold 2,785
Trading Assets -0-
Investments AFS 10,630
Investments HTM -0-
Investments-Market -0-
Loans 58,354
Allowance for Losses 574
Total Assets 76,596
Deposits 69,654
Short-Term Borrowings -0-
Other Liabilities 161
Long-Term Debt 45
Preferred Stock-Mandatory -0-
Preferred-Non Mandatory -0-
Common Stock 2,334
Other Stockholders Equity 3,427
Total Liab.-Stockh. Equity 76,596
Interest on Loans 1,413
Interest on Investments 183
Other Interest Income 18
Total interest Income 1,614
Interest on Deposits 716
Total Interest Expense 717
Net Interest Income 897
Provision-Loan Losses 35
Securities-Gain/Loss -0-
Other Expenses 612
Income Before Tax 373
Income Before Extraordinary 373
Extraordinary Less Tax -0-
Cumul. Change Acct. Principal -0-
Net Income 231
Earnings Per Share-P 0.49
Earnings Per Share-D 0.49
Net Interest Yield-EA 4.28
Loans-Non Accrual -0-
Loans Past Due > 90 Days -0-
Troubled Debt Restructuring -0-
Potential Problem Loans -0-
Allowance-Beginning 563
Total Charge-Offs 37
Total Recoveries 13
Allowance End of Period 574
Loan Loss-Domestic 574
Loan Loss-Foreign -0-
Loan Loss-Unallocated 155
(b) Reports on Form 8-K, None.
FORM IO-QSB(A)
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FIRST CENTRAL BANCSHARES, INC.
Date: By: ____________________________________________________
Ed. F. Bell Chairman, President and Chief Executive
Officer
Date: By: ____________________________________________________
Willard D. Price Executive Vice President and Chief
Financial Officer