UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
-----------------------------------
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1998
-----------------
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: No. 0-20464
Mid-Iowa Financial Corp.
________________________________________________________________
(Exact name of registrant as specified in its charter)
42-1389053
________________________________________________________________
(I.R.S. Employer Identification No.)
123 West 2nd Street North, Newton, Iowa 50208
________________________________________________________________
(Address of principal executive offices, zip code)
515-792-6236
________________________________________________________________
(Registrant's telephone number, including area code)
________________________________________________________________
(Former name, former address and former fiscal year, if changed
since last report)
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 report) 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.
1,796,732 shares outstanding at January 31, 1999
This Form 10-QSB contains 15 pages
MID-IOWA FINANCIAL CORPORATION
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets at December 31,
1998 and September 30, 1998 1
Consolidated Statements of Operations for the
three months ended December 31, 1998 and 1997 2
Consolidated Statements of Comprehensive Income
for the three months ended December 31, 1998
and 1997 3
Consolidated Statements of Cash Flows for the
three months ended December 31, 1998 and 1997 4
Notes to Consolidated Financial Statements 5
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
Part II. Other Information 11
Index of Exhibits 12
Signatures 13
MID-IOWA FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
UNAUDITED
December 31, September 30,
1998 1998
------------ ------------
Assets
Cash and cash equivalents $ 11,796,469 $ 15,457,949
Securities available for sale 4,875,087 4,994,247
Securities held to maturity 52,275,164 49,793,789
Loans held for resale 63,943 49,900
Loans receivable, net 67,920,476 71,435,579
Accrued interest receivable 927,919 1,017,122
Federal Home Loan Bank stock 1,800,000 1,800,000
Real estate, net 136,313 135,438
Office properties and equipment, net 2,643,778 2,630,366
Intangibles, net 10,345 10,872
Prepaid expenses and other assets 150,462 191,663
------------ ------------
Total assets $142,599,956 $147,516,925
============ ============
Liabilities and Stockholders' Equity
Deposits $ 90,513,588 $ 96,352,659
Borrowed funds 36,000,000 36,000,000
Advance payments by borrowers
for taxes and insurance 318,308 162,572
Accrued interest payable 940,739 939,041
Accounts payable and accrued expenses 264,448 302,188
------------ ------------
Total liabilities $128,037,083 $133,756,460
============ ============
Stockholders' Equity
Common Stock $ 17,888 $ 17,411
Additional paid-in capital 3,450,551 3,147,692
Retained earnings 11,062,980 10,553,062
Accumulated comprehensive income - net
unrealized gain on securities
available for sale 31,454 42,300
------------ ------------
Total stockholders' equity 14,562,873 13,760,465
------------ ------------
Total liabilities and stockholders'
equity $142,599,956 $147,516,925
============ ============
See notes to consolidated financial statements.
-1-
MID-IOWA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months
Ended December 31,
----------------------------
1998 1997
------------ ------------
Interest income:
Loans $1,427,396 $1,411,765
Mortgage-backed and related securities 421,624 486,655
Investment securities 509,045 465,809
Other 112,479 48,222
---------- ----------
Total interest income 2,470,544 2,412,451
---------- ----------
Interest expense:
Deposits 1,062,802 1,029,521
Other borrowings 506,716 455,704
---------- ----------
Total interest expense 1,569,518 1,485,225
---------- ----------
Net interest income 901,026 927,226
Provision for losses on loans 15,000 15,000
---------- ----------
Net interest income after provision
for losses on loans 886,026 912,226
---------- ----------
Noninterest income:
Fees and service charges 114,554 89,181
Other, primarily commissions 286,634 181,050
---------- ----------
Total noninterest income 401,188 270,231
---------- ----------
Noninterest expense:
Compensation and benefits 308,119 319,474
Office properties and equipment 93,045 91,024
Federal insurance premiums 12,456 13,094
Data processing services 44,098 40,028
Expense on real estate, net (12,246) (511)
Other 307,402 251,030
---------- ----------
Total noninterest expense 752,874 714,139
---------- ----------
Income before taxes on income 534,340 468,318
Taxes on income 175,500 117,526
---------- ----------
Net income $ 358,840 $ 350,792
========== ==========
Earnings per common equivalent
share:
Basic: $ 0.21 $ 0.21
Diluted: $ 0.19 $ 0.20
========== ==========
Average common shares outstanding 1,746,315 1,688,131
========== ==========
See notes to consolidated financial statements.
-2-
MID-IOWA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
UNAUDITED
Three Months Ended
December 31,
----------------------------
1998 1997
------------ ------------
Net Income $358,840 $350,792
Other Comprehensive income:
Unrealized gains on securities available
net of taxes on income of $5,840 in
1998 and $24,039 in 1997 (10,846) 44,644
-------- --------
Comprehensive income, net of tax $347,994 $395,436
See notes to consolidated financial statements.
-3-
MID-IOWA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unuadited
Three Months Ended
December 31,
----------------------------
1998 1997
------------ ------------
Cash flows from operating activities:
Net income $ 358,840 $ 350,792
Origination of loans held for sale (150,000) 0
Proceeds from sale of loans held for sale 135,957 0
Items not requiring (providing) cash-
Depreciation 40,200 41,400
Amortization (71,088) (43,173)
Provision for loan losses 15,000 15,000
(Gain) loss on sale of real estate (11,225) 0
Changes in -
Accrued interest receivable 89,203 (61,922)
Accrued interest payable 1,698 (42,029)
Current taxes on income 174,831 119,035
Deferred taxes on income (5,536) 21,542
Other, net (66,407) (161,885)
------------ ------------
Net cash provided by operating activities $ 511,473 $ 238,760
------------ ------------
Cash flows from investing activities:
Purchase of investment securities held to
maturity (12,124,745) (5,997,813)
Proceeds from maturity of investments 7,000,000 2,000,000
Principal collected on mortgage-backed
and related securities 2,714,730 1,682,020
Principal collected on investment
securities available for sale 102,729 0
Net change in loans to customers 3,500,103 (5,096,690)
Proceeds from sale of real estate 103,638 0
Purchase of office properties and equipment (54,487) (73,699)
Purchase of Federal Home Loan Bank stock 0 (150,000)
------------ ------------
Net cash provided by (used in) investing
activities $ 1,241,968 $ (7,636,182)
----------- ------------
Cash flows from financing activities:
Net change in deposits (5,839,071) (3,429,924)
Proceeds from borrowed funds 0 10,000,000
Advances from borrowers for taxes & insurance 155,736 206,692
Proceeds from exercise of stock options 303,336 248,000
Dividends paid (34,922) (33,562)
----------- ------------
Net cash provided by (used in) financing
activities $(5,414,921) $ 6,991,206
----------- ------------
Decrease in cash and cash equivalents (3,661,480) (406,216)
Cash and cash equivalents at beginning
of period 15,457,949 3,563,299
----------- ------------
Cash and cash equivalents at end of period $11,796,469 $ 3,157,083
=========== ============
Supplemental disclosure of cash flow information:
Cash payments for:
Interest paid during the period $ 1,567,820 $ 1,527,254
Taxes on income $ 164,331 $ 1,509
Supplemental schedule of noncash activities:
Contract sales of real estate owned $ 0 $ 0
Transfer of loans to real estate owned $ 93,277 $ 0
See notes to consolidated financial statements.
-4-
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MID-IOWA FINANCIAL CORP. AND SUBSIDIARIES
1. BASIS OF PRESENTATION
The consolidated financial statements for the three months
ended December 31, 1998 are unaudited. In the opinion of
management of Mid-Iowa Financial Corp. (the "Registrant or
Company") these financial statements reflect all
adjustments, consisting only of normal occurring accruals,
necessary to present fairly these consolidated financial
statements. Certain information and footnote disclosure
normally included in financial statements prepared in
accordance with generally accepted accounting principals
have been omitted.
2. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts
of the Company and its wholly owned subsidiaries, Mid-Iowa
Security Corporation and Mid-Iowa Savings Bank, F.S.B. (the
"Bank") and its wholly owned subsidiary, Center of Iowa
Investments, Limited. The principal business activities of
Mid-Iowa Security Corporation are the development and sale
of real estate and real estate brokerage services. Center
of Iowa Investments, Limited provides credit reporting and
collection services, sells investment products, and provides
discount securities brokerage. All material intercompany
accounts and transactions have been eliminated.
3. EARNINGS PER SHARE COMPUTATIONS
Earnings per share - basic is computed using the weighted
average number of common shares outstanding.
Earnings per share - diluted is computed using the weighted
average number of common shares outstanding after giving
effect to additional shares assumed to be issued in relation
to the Company's stock option plans using the average price
per share for the period. Such additional shares were
110,299 and 98,727 for the three months ended December 31,
1997 and 1998 respectively.
4. EFFECT OF NEW ACCOUNTING STANDARDS
The Company adopted the provisions of SFAS No. 130,
Reporting Comprehensive Income, effective October 1, 1998.
SFAS No. 130 establishes the standards for the reporting
and display of comprehensive income in the financial
statements. Comprehensive income represents net income
and certain amounts reported directly in stockholders'
equity, such as the net unrealized gain or loss on
available-for-sale securities. The statement requires
additional disclosures in the consolidated financial
statements; it does not effect the Company's financial
position or results of operations. Prior year
consolidated financial statements have been reclassified
to conform to the requirements of SFAS No. 130.
SFAS No. 133, Accounting for Derivative Instruments and
Hedging Activities, will be effective for the Company for
the year beginning October 1, 1999. Management is
evaluating the impact the adoption of SFAS No. 133 will
have on the Company's consolidated financial statements.
The Company expects to adopt SFAS No. 133 when required.
-5-
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
GENERAL
Mid-Iowa Financial Corp. ("Mid-Iowa" or the "Company") was
formed in June of 1992 by Mid-Iowa Savings Bank, F.S.B. (the
"Bank") to become the thrift institution holding company of the
Bank. The acquisition of the Bank by the Company was
consummated on October 13, 1992 in connection with the Bank's
conversion from the mutual to the stock form (the "Conversion").
The primary business of the Company has historically
consisted of attracting deposits from the general public and
providing financing for the purchase of residential properties.
The operations of the Company are significantly affected by
prevailing economic conditions as well as by government policies
and regulations relating to monetary and fiscal affairs, housing
and financial institutions.
The Company's net income is primarily dependent upon the
difference (or "spread") between the average yield earned on
loans, mortgage-backed and related securities and investments,
and the average rate paid on deposits and borrowings, as well as
the relative amounts of such assets and liabilities. The
interest rate spread is affected by regulatory, economic and
competitive factors that influence interest rates, loan demand
and deposit flows. The Company, like other thrift institutions,
is subject to interest rate risk to the degree that its interest
bearing liabilities mature or reprice at different times, or on
a different basis, than its interest-earning assets.
The Company's net income is also affected by, among other
things, gains and losses on sales of loans and foreclosed
assets, provisions for possible loan losses, service charges and
other fees, commissions received from subsidiary operations,
operating expenses and income taxes. Center of Iowa
Investments, Limited, a wholly-owned subsidiary of the Bank,
generates revenues by the sale of insurance, annuities, mutual
funds and other investment products to its customers as well as
providing discount securities brokerage, credit reporting and
collecting services. Mid-Iowa Security Corporation, a wholly-
owned subsidiary of the Company, generates revenues by real
estate brokerage services, and real estate development.
YEAR 2000 READINESS DISCLOSURE
A great deal of information has been disseminated about
the global computer crash that may occur in the year 2000. Many
computer programs that can only distinguish the final two digits
of the year entered (a common programming practice in earlier
years) are expected to read entries for the year 2000 as the
year 1900 and compute payment, interest or delinquency based on
the wrong date or are expected to be unable to compute payment,
interest or delinquency. Rapid and accurate data processing is
essential to the operations of the Company. Data processing is
also essential to most other financial institutions and many
other companies.
The Company began its Year 2000 efforts in the Spring of
1997 with the sponsorship of its executive management and
guidance of legal counsel. A Year 2000 committee was formed
with representation from management of every area of the Company
chaired by the Executive Vice President. The Year 2000 issue
has been identified as a top priority. The Company has
dedicated resources to assess, repair and test programs,
applications, equipment and facilities. The Company's Year 2000
Program is coordinating with each vendor and supplier of the
Company to ensure Year 2000 Compliance. The Company has
substantially completed its assessment of the Year 2000 issue,
and is currently repairing systems, developing test strategies
and working
-6-
with its customers and vendors. At this time, the Company
anticipates that remediation and internal testing of its mission
critical applications will be completed by March 31, 1999.
Although the effort to prepare for Year 2000 is intended
to address all Year 2000 issues, the Bank's disaster
recovery/contingency plan will encompass Year 2000 elements and
address potential Year 2000 issues in the year 2000. The Bank's
contingency plan was developed to mitigate the risk associated
with the failure of any of the Bank's computer systems as well
as mission critical systems of outside software vendors and
third-party service providers.
The Bank anticipates that it will incur internal staff
costs as well as consulting and other expenses related to
enhancements necessary to prepare its systems for Year 2000.
Based on the Bank's current estimate, fiscal 1999 expenses of
the Year 2000 project are not expected to exceed $100,000. The
expenses incurred to date are not material to the financial
statements.
In addition to expenses related to its own computer
systems, the Bank is aware of potential Year 2000 risks to third
parties, including vendors (and to the extent appropriate,
depositors and borrowers) and the possible adverse impact on the
Bank resulting from failures by these parties to adequately
address the Year 2000 problem. The Bank could incur losses if
loan payments are delayed due to Year 2000 problems affecting
borrowers or impairing the payroll systems of large employers in
the Bank's market area. To date, the Bank has not been advised
by such parties that they do not have plans in place to address
and correct the issues associated with the Year 2000 problem;
however, no assurance can be given as to the adequacy of such
plans or to the timeliness of their implementation.
The preceding paragraphs include forward-looking
statements that involve inherent risks and uncertainties. The
actual costs of Year 2000 compliance and the impact of Year 2000
issues could differ materially from what is currently
anticipated. Factors that might result in such differences
include incomplete inventory and assessment results, higher than
anticipated costs to update software and hardware and vendors',
customers' and other third parties' inability to effectively
address the Year 2000 issue.
PENDING MERGER
On August 17, 1998, the Company entered into an Agreement
and Plan of Reorganization providing for the acquisition of the
Company by First Federal Savings Bank of Siouxland ("First
Federal"). The Agreement provides for the conversion of each
issued and outstanding share of the Companys' common stock into
the right to receive $15.00 per share in cash from First Federal.
The acquisition is subject to, among other conditions, the
conversion of First Federal's mutual holding company from mutual
to stock form. Currently, the Company expects that the
acquisition will be completed during the second quarter of 1999.
FINANCIAL CONDITION
Total assets decreased by $4.9 million to $142.6 million
for the three months ended December 31, 1998 compared to $147.5
million for September 30, 1998. This decrease was primarily due
to a decrease in cash and cash equivalents to $11.8 million at
December 31, 1998 from $15.5 million at September 30, 1998, and
a decrease in loans receivable of $3.5 million from $71.4
million at September 30, 1998, to $67.9 million at December 31,
1998, due to increased prepayments in the low interest rate
environment, partially offset by an increase in securities of
$2.5 million from $49.8 million at September 30, 1998, to $52.3
million at December 31, 1998.
-7-
RESULTS OF OPERATIONS
The Company's results of operations depend primarily on the
level of its net interest income and non interest income and the
level of its operating expenses. Net interest income depends
upon the volume of interest-earning assets and interest-bearing
liabilities and interest rates earned or paid on them.
During the three months ended December 31, 1998, the
Company's operating strategy to improve its profitability and
capital position continued to emphasize (i) maintenance of the
Company's asset quality, (ii) asset-liability management, (iii)
management of operating expenses to improve operating income,
and (iv) expanding loan originations.
COMPARISON OF THREE MONTHS ENDED DECEMBER 31, 1998 AND DECEMBER
31, 1997.
General. The Company's net income increased by $8,000 to
$359,000 for the three months ended December 31, 1998 from net
income of $351,000 for the same period in 1997. The primary
reason for the increase in net income was a $131,000 increase in
noninterest income to $401,000 at December 31, 1998 from $270,000
at December 31, 1997 partially offset by an increase in
noninterest expense of $39,000 and taxes on income of $58,000.
Interest income. Interest income increased $59,000 to $2.5
million for the three months ended December 31, 1998 from $2.4
million for the same period in 1997 primarily as a result of an
increase in interest-earning assets to $138.7 million at December
31, 1998 from $125.3 million at December 31, 1997.
Interest expense. Interest expense increased $85,000 to
$1.6 million in the three months ended December 31, 1998 from
$1.5 million in the same period in 1997 due primarily to an
increase in deposits of $4.6 million to $90.5 million at December
31, 1998 from $85.9 million at December 31, 1997 and an increase
in borrowed funds of $1.0 million to $36.0 million at December
31, 1998 from $35.0 million at December 31, 1997.
Net Interest Income. The interplay of the changes in
interest income and expenses caused net interest income to
decrease $26,000 to $901,000 at December 31, 1998 compared to
$927,000 for the same period in 1997. The Company's average
spread (the mathematical difference between the yield on
interest-earning assets and the cost of interest-bearing
liabilities) decreased to 2.13% for the period ended December 31,
1998 from 2.61% for the period ended December 31, 1997. The
Company's net interest margin (net interest income divided by
average interest-earning assets) decreased to 2.60% at December
31, 1998 from 3.00% at December 31, 1997.
Non-Performing Assets and Loan Loss Provision. Management
establishes specific reserves for estimated losses on loans when
it determines that losses are anticipated on these loans. The
Company calculates any allowance for possible loan losses based
upon its ongoing evaluation of pertinent factors underlying the
types and quality of its loans. These factors, included but are
not limited to, the current and anticipated economic conditions,
including uncertainties in the national real estate market, the
level of classified assets, historical loan loss experience, a
detailed analysis of individual loans for which full
collectibility may not be assured, a determination of the fair
value of the collateral, the ability of the borrower to repay and
the guarantees securing such loans. Management, as a result of
this review process, recorded provisions for loan losses in the
amount of $15,000 for the three months ended December 31, 1998
and 1997. The Company's loan loss allowance as of December 31,
1998 was $305,000. The September 30, 1998 loan loss reserve was
$307,000. Total non-performing assets as of December 31, 1998
were $131,000 or .09% of total assets.
-8-
The Company will continue to monitor and adjust its
allowance for losses on loans as management's analysis of its
loan portfolio and economic conditions dictate. However,
although the Company maintains its allowance for losses on loans
at a level which it considers to be adequate to provide for
potential losses, in view of the continued uncertainties in the
economy generally and the regulatory uncertainty pertaining to
reserve levels for the thrift industry generally, there can be no
assurance that such losses will not exceed the estimated
amounts or that the Company will not be required to make
additional substantial additions to its allowance for losses on
loans in the future.
Noninterest income. Noninterest income increased $131,000
to $401,000 in the three months ended December 31, 1998 from
$270,000 in the same period for 1997. This increase is primarily
due to an increase in commissions in the real estate sales
operation conducted through a subsidiary of the Company. As a
result, noninterest income generated by the Company's non-banking
subsidiaries increased to $237,000 compared to $166,000 for the
three months ended December 31, 1998 and 1997 respectively.
Noninterest Expense. Noninterest expense increased $39,000
to $753,000 in the three months ended December 31, 1998 from
$714,000 in the same period of 1997. This increase was primarily
due to an increase in commission paid in the real estate sales
operation of $56,000. Noninterest expense attributable to the
Company's subsidiaries increased to $208,000 compared to $125,000
for the three months ended December 31, 1998 and 1997
respectively.
Income taxes. Income taxes for the three months ended
December 31, 1998 increased to $176,000 from $118,000 in the same
period for 1997 due to an increase in taxable income.
LIQUIDITY AND CAPITAL RESOURCES
The Bank's sources of funds are deposits, sales of mortgage
loans, amortization and repayment of loan principal and mortgage-
back and related securities and, to a lesser extent, maturation
of investments and funds from other operations. While maturing
investments are predictable, deposit flows and loan repayments
are influenced by interest rates, general economic conditions,
and competition making it less predictable. The Bank attempts to
price its deposits to achieve its asset/liability, objectives and
will from time to time to supplement deposits with longer term
and/or less expensive alternative sources of funds including FHLB
advances.
Federal regulations historically have required the Bank to
maintain minimum levels of liquid assets. The required
percentage has varied from time to time based on economic
conditions and savings flows, and is currently 4% of net
withdrawable savings deposits and borrowings payable on demand or
in one year or less during the preceding calendar month. Liquid
assets for purposes of this ratio include cash, certain time
deposits, U.S. government and certain corporate securities and
other obligations. The Bank has historically maintained its
liquidity ratio at levels in excess of those required. At
December 31, 1998, the amount of the Company's liquidity was
$43.2 million, resulting in a liquidity ratio of 48.4%. At
December 31, 1997 the Bank's liquid assets (as defined) totaled
$26.0 million resulting in a liquidity ratio of $30.0%.
Liquidity management is both a daily and long-term
responsibility of management. The Bank adjusts its investments
in liquid assets based upon management's assessment of (i)
expected loan demand, (ii) expected deposit flows, (iii) yields
available on interest-bearing deposits, and (iv) the objectives
of its asset/liability management program. Excess liquidity is
invested generally in interest-bearing overnight deposits and
other short-term
-9-
government and agency obligations. If the Bank required
additional funds, beyond its internal ability to generate, it
has additional borrowing capacity with the FHLB of Des Moines
and collateral eligible for repurchase agreements. At December
31, 1998, the Bank had outstanding advances from the FHLB of Des
Moines in the amount of $36.0 million and had the capacity to
borrow up to an additional $23 million.
The Bank uses its liquidity resources principally to meet
on-going commitments, to fund maturing certificates of deposit
and deposit withdrawals, to invest, to fund existing and future
loan commitments, to maintain liquidity and to meet operating
expenses.
At December 31, 1998, the Bank had tangible and core capital
of $11.7 million or 8.32% of adjusted total assets, which was
approximately $9.6 million and $7.5 million above the minimum
requirements of 1.5% and 3.0% respectively, of the adjusted total
assets in effect on that date. On December 31, 1998, the Bank
had risk-based capital of $12.0 million (including $11.7 million
in core capital), or 20.9% of risk-weighted assets of $57.5
million. This amount was $7.4 million above the 8.0% requirement
in effect on that date. The Bank is presently in compliance with
applicable capital requirements.
The Company has declared a cash dividend of $.02 per share
for the quarter ended December 31, 1998.
-10-
PART II
OTHER INFORMATION
ITEM 1. Legal Proceedings
-----------------
There are various claims and lawsuits in which the Registrant is
periodically involved incidental to the Registrant's business.
In the opinion of management, no material loss is expected from
any such pending claims or lawsuits.
ITEM 2. Changes in Securities
---------------------
Options on 48,500 shares were exercised during the period. The
balance of shares outstanding at December 31, 1998 was 1,788,848.
ITEM 3. Defaults Upon Senior Securities
-------------------------------
Not applicable.
ITEM 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
Not applicable.
ITEM 5. Other Information
-----------------
Not applicable.
ITEM 6. Exhibits and Reports and Form 8-K
---------------------------------
(a) The statement regarding computation of per share earnings
is attached hereto as Exhibit 11 and summary financial
information is attached hereto as Exhibit 27.
(b) None.
-11-
MID-IOWA FINANCIAL CORP.
INDEX OF EXHIBITS
Exhibits Page
- -------- ----
11. Statement regarding computation of
per share earnings 14
27 Financial Data Schedule 15
-12-
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-IOWA FINANCIAL CORP.
Date: February 16, 1999 /s/ Kevin D. Ulmer
-------------------------------------
Kevin D. Ulmer
President and Chief Executive Officer
Date: February 16, 1999 /s/ Gary R. Hill
------------------------------------
Gary R. Hill
Executive Vice President and
Chief Financial Officer
-13-