SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ended June 30, 1995 Commission File No. 0-4515
FIRSTIER FINANCIAL, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nebraska 47-0523055
---------------------------- ------------------------------------
(state or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or
organization)
1700 Farnam Street Omaha, Nebraska 68102-2183
----------------------------------------------------
(address of principal executive offices)
402-348-6000
------------------
(Telephone Number)
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
such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for
at least the past 90 days.
YES X NO
----- -----
Number of common shares outstanding as of August 7, 1995:
Common Stock, $5.00 par value: 18,492,646 shares outstanding.
FIRSTIER FINANCIAL, INC.
INDEX
PART I. FINANCIAL INFORMATION Page No.
--------
Item 1. Financial Statements
Consolidated Condensed Balance Sheets -
June 30, 1995 and December 31, 1994............... 1
Consolidated Statements of Income - Three and six
months ended June 30, 1995 and 1994............... *
Consolidated Statements of Retained Earnings - Six
months ended June 30, 1995 and 1994............... *
Consolidated Statements of Cash Flows - Six
months ended June 30, 1995 and 1994............... 2
Notes to Consolidated Financial Statements........... 3-5
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations. 6-10
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K............ 11
Signatures........................................... 11
* Incorporated in this quarterly report by reference to
FirsTier Financial, Inc.'s June 30, 1995 Quarterly
Report to Stockholders (pages 4 and 6) which is attached
as an Exhibit to this quarterly report.
FIRSTIER FINANCIAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
(unaudited)
June 30, December 31,
1995 1994
---------- ------------
ASSETS
Cash and due from banks........................................................................ $237,065 251,756
Federal funds sold & securities purchased under resale agreements.............................. 82,465 119,845
Securities available for sale (amortized cost $227,979 in 1995 and $250,811 in 1994)........... 232,604 245,267
Investment securities (market value $753,562 in 1995 and $660,068 in 1994)..................... 745,451 692,457
Loans and leases............................................................................... 2,197,878 2,149,268
Less allowance for loan & lease losses........................................................ 53,002 53,250
---------- ----------
Loans and leases, net...................................................................... 2,144,876 2,096,018
---------- ----------
Premises and equipment, net................................................................... 50,321 49,381
Accrued interest receivable................................................................... 31,532 29,700
Other assets.................................................................................. 56,113 55,563
---------- ----------
Total assets............................................................................... $3,580,427 3,539,987
---------- ----------
---------- ----------
LIABILITIES
Demand, non-interest bearing.................................................................. $473,288 560,025
Savings and interest checking................................................................. 866,925 874,647
Time.......................................................................................... 1,465,776 1,380,154
---------- ----------
Total deposits............................................................................. 2,805,989 2,814,826
Short-term borrowings......................................................................... 186,346 170,090
Federal Home Loan Bank borrowings............................................................. 156,500 150,000
Other liabilities............................................................................. 54,559 50,646
Long-term debt................................................................................ 11,915 12,193
---------- ----------
Total liabilities.......................................................................... 3,215,309 3,197,755
---------- ----------
STOCKHOLDERS' EQUITY
Preferred stock-$30 par value; authorized 2,000,000 shares.................................... - -
Common stock-$5 par value; authorized 40,000,000 shares; issued and outstanding:
18,822,202 shares in 1995 and 18,814,695 shares in 1994..................................... 94,111 94,073
Surplus....................................................................................... 5,876 10,338
Retained earnings............................................................................. 273,162 255,861
Net unrealized securities gains (losses)...................................................... 2,837 -3,583
---------- ----------
375,986 356,689
---------- ----------
Less treasury stock, at cost 329,556 shares in 1995 and 455,050 shares in 1994................ 10,868 14,457
---------- ----------
Total stockholders' equity................................................................. 365,118 342,232
---------- ----------
Total liabilities & stockholders' equity................................................... $3,580,427 3,539,987
---------- ----------
---------- ----------
See accompanying notes to consolidated financial statements.
- 1 -
FIRSTIER FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
($ in thousands)
(Unaudited)
1995 1994
-------- -------
Net cash provided by operating activities
Income from operations....................................... $27,636 27,572
Adjustments to reconcile net income to
net cash provided by operations
Provision for loan and lease losses........................ 538 -1,590
Depreciation and amortization.............................. 4,017 4,820
Net increase in interest receivable........................ -1,484 -1,617
Proceeds from sales of loans............................... 20,743 33,266
Net (increase) decrease in other assets.................... -1,480 2,355
Net increase in other liabilities.......................... 3,829 146
Net gain on sale of securities available for sale.......... -10 -212
Other, net................................................. -83 -10
-------- -------
Net cash provided by operations........................ 53,706 64,730
Cash flows from investing activities
Net cash received on acquisition........................... 1,530 -
Proceeds from sales of securities available for sale....... 13,382 21,049
Proceeds from maturities of investment securities.......... 23,379 108,003
Proceeds from maturities of securities available for sale.. 52,597 19,938
Purchases of investment securities......................... -47,559 -68,215
Purchases of securities available for sale................. -59,996 -65,209
Net increase in loans and leases........................... -46,902 -112,218
Proceeds from sale of premises and equipment............... 425 50
Purchases of premises and equipment........................ -3,591 -2,895
Purchases of mortgage servicing rights..................... -673 -188
Other, net................................................. 108 -1,030
-------- -------
Net cash used by investing activities.................. -67,300 -100,715
Cash flows from financing activities
Net increase in time deposits.............................. 56,877 25,257
Net decrease in demand deposits and savings accounts....... -102,577 -92,769
Net increase in short-term borrowings...................... 15,565 59,820
Net increase in Federal Home Loan Bank borrowings.......... 6,500 100,710
Principal payments on long-term debt....................... -278 -254
Payment of cash dividends.................................. -10,330 -8,960
Repurchases of common stock................................ -4,684 -5,094
Proceeds from exercises of stock options................... 843 68
Other, net................................................. -393 -
-------- -------
Net cash provided (used) by financing activities....... -38,477 78,778
Net increase (decrease) in cash and cash equivalents............. -52,071 42,793
Cash and cash equivalents at beginning of period................. 371,601 331,848
-------- -------
Cash and cash equivalents at end of period....................... $319,530 374,641
-------- -------
-------- -------
See accompanying notes to consolidated financial statements.
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FIRSTIER FINANCIAL, INC.
PART I. FINANCIAL INFORMATION
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The accompanying unaudited condensed
consolidated financial statements have been prepared
in accordance with generally accepted accounting
principles for interim financial information and
with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include
all of the information and footnotes required by
generally accepted accounting principles for
complete financial statements. In the opinion of
management, all adjustments (consisting of normal
recurring accruals) considered necessary for a
fair presentation have been included.
2. Operating results for the three and six month
periods ended June 30, 1995, are not necessarily
indicative of the results that may be expected for
the year ended December 31, 1995. For further
information, refer to the consolidated financial
statements and footnotes thereto included in the
Company's annual report on Form 10-K for the year
ended December 31, 1994.
3. Income per share computations are based on average
shares of common stock outstanding, including
common stock equivalents, which total 18,706,715
and 18,991,224, respectively, for the three months
ended June 30, 1995 and 1994, and 18,667,172 and
19,025,494 for the six months ended June 30, 1995 and
1994.
4. See notes to consolidated financial statements
included on page 6 of FirsTier Financial, Inc.'s June
30, 1995 Quarterly Report to Stockholders which is
attached as an Exhibit to this quarterly report.
5. For purposes of the Statement of Cash Flows, FirsTier
defines "Cash and due from banks" and "Federal funds
sold and securities purchased under resale
agreements" as its cash and cash equivalents.
FirsTier paid $59.12 million and $45.45 million in
interest on deposits and other borrowings, and $10.12
million and $10.89 million for income taxes for the
six months ended June 30, 1995 and 1994, respectively.
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FIRSTIER FINANCIAL, INC.
PART I. FINANCIAL INFORMATION
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
6. Effective January 1, 1995, FirsTier adopted SFAS
Number 114, "Accounting by Creditors for Impairment of
a Loan" and SFAS Number 118, "Accounting by Creditors
for Impairment of a Loan-Income Recognition and
Disclosures." These Statements, effective for fiscal
years beginning after December 15, 1994, address the
accounting for a loan when it is probable that all
principal and interest amounts due will not be
collected in accordance with its contractual terms.
FirsTier generally identifies nonaccrual loans as
"impaired loans." Certain loans, such as loans
carried at the lower of cost or market or smaller
balance homogeneous loans (e.g., credit card,
installment loans) are exempt from SFAS Number 114
and 118 provisions.
FirsTier continually identifies impaired loans and
measures quarterly the extent to which such loans are
impaired. Loans having a significant recorded
investment are measured on an individual basis
while loans not having a significant recorded
investment are grouped and measured on a pool basis.
Generally, FirsTier's "impaired loans" are measured
based on the loans' observable market price, the fair
value of the collateral (if the loan is collateral
dependent) less estimated costs to sell, or the
present value of expected future cash flows discounted
at the loans' effective interest rate, if the cash
flows can be reasonably projected.
As of June 30, 1995, the recorded investment in loans
considered impaired under SFAS Number 114 was $7.8
million, with a related allowance for credit losses of
$2.1 million.
FirsTier retained its prior method of recognizing
interest and applying cash payments received with
respect to impaired loans. The average recorded
investment in impaired loans for the quarter ended June
30, 1995, was approximately $8.6 million. During
the first six moths of 1995, FirsTier recognized
interest income of $56,000 associated with impaired
loans.
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FIRSTIER FINANCIAL, INC.
PART I. FINANCIAL INFORMATION
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
7. On August 7, 1995, FirsTier and First Bank System
announced First Bank System's intention to acquire
FirsTier. Under terms of the agreement, FirsTier
shareholders will receive .8829 shares of First Bank
System stock for each FirsTier share held.
Pending regulatory and shareholder approval, the
transaction is expected to be consummated in the first
quarter of 1996.
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FIRSTIER FINANCIAL, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
The following is management's discussion and analysis of
certain significant factors which have affected the
Registrant's financial condition and results of operations
during the periods included in the consolidated financial
statements presented with this filing.
RESULTS OF OPERATIONS
Net income for the second quarter of 1995 was $14,269,000
or $.76 per share, compared to net income of $13,867,000
or $.73 per share for the same period in 1994. Net income
for the six months ended June 30, 1995 was $27,636,000 or
$1.48 per share, compared to net income of $27,572,000 or
$1.45 per share for the same period in 1994.
The annualized return on average assets for the three
months ended June 30 was 1.58% in 1995 compared to 1.61%
in 1994. The annualized return on average equity for the three
months ended June 30 was 15.96% in 1995 compared to 16.51%
in 1994.
The schedule on page 7, Average Balances/Yields and
Rates, shows that FirsTier's net interest income, on a fully
taxable equivalent basis for the second quarter of
1995, was $36,663,000, a .2% decrease from the $36,737,000
recorded for the same period in 1994. The net interest
margin of 4.43% in the second quarter of 1995 was down from
the 4.68% net interest margin recorded in the second quarter
of 1994. These decreases were mainly attributable to a
compressed net interest rate spread but were partially
offset by increased net earning assets which were up 5.4%
from the second quarter of 1994. Included in net
interest income is $517,200 of expense from interest rate
swaps which decreased the net interest margin for the
quarter by seven basis points. Income from interest rate
swaps for the quarter ended June 30, 1994 was $184,600
which added two basis points to that quarter's net interest
margin.
A provision of $269,000 was recorded in the second quarter
of 1995 compared to a provision of $177,000 for the same
period in 1994. The provision recorded was based on
FirsTier's ongoing analysis of the adequacy of the allowance
for loan and lease losses. The allowance for loan and
lease losses as a percent of loans and leases as of June
30, 1995, was 2.41% compared to 2.59% as of June 30,
1994. Net charge-offs of loan and lease losses for the
second quarter were $546,000 compared to net recoveries
of $9,000 for the same period in 1994.
- 6 -
FIRSTIER FINANCIAL, INC.
AVERAGE BALANCES/YIELDS AND RATES
(Dollars in Thousands)
(Unaudited)
THREE MONTHS ENDED THREE MONTHS ENDED
JUNE 30, 1995 JUNE 30, 1994
INTEREST AVERAGE INTEREST AVERAGE
AVERAGE INCOME/ YIELDS/ AVERAGE INCOME/ YIELDS/
BALANCES EXPENSE RATES BALANCES EXPENSE RATES
ASSETS
Securities................................ $995,900 18,206 7.33% $1,053,799 19,039 7.25%
Federal funds sold and securities
purchased under resale agreements....... 117,417 1,786 6.10% 105,520 1,059 4.03%
Loans and leases, gross................... 2,203,456 49,117 8.94% 1,987,466 39,941 8.06%
--------- ------- --------- -------
Total earning assets.................... 3,316,773 69,109 8.36% 3,146,785 60,039 7.65%
Other nonearning assets................... 315,797 - - 308,692 - -
--------- ------- --------- -------
Total assets.......................... $3,632,570 69,109 - $3,455,477 60,039 -
========== ------- ========== -------
LIABILITIES & STOCKHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest checking........... $866,637 5,423 2.51% $913,833 4,802 2.11%
Time deposits........................... 1,459,871 21,283 5.85% 1,320,834 15,125 4.59%
--------- ------- --------- -------
Total interest-bearing deposits....... 2,326,508 26,706 4.60% 2,234,667 19,927 3.58%
Short-term borrowings..................... 218,108 2,992 5.50% 208,916 1,849 3.55%
Federal Home Loan Bank borrowings......... 157,360 2,454 6.26% 115,966 1,220 4.22%
Long-term debt............................ 2,099 57 10.81% 2,366 63 10.61%
Capitalized leases........................ 9,897 237 9.60% 10,160 243 9.59%
--------- ------- --------- -------
Total interest-bearing funds............ 2,713,972 32,446 4.80% 2,572,075 23,302 3.63%
Demand deposits........................... 507,173 - - 501,272 - -
Other noninterest-bearing funds........... 52,799 - - 45,311 - -
Stockholders' equity...................... 358,626 - - 336,819 - -
--------- ------- --------- -------
Total liabilities and equity.......... $3,632,570 32,446 - $3,455,477 23,302 -
Net interest margin on a tax ========== ------- ========== -------
equivalent basis.................... $36,663 4.43% $36,737 4.68%
======= ===== ======= =====
SIX MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 1995 JUNE 30, 1994
INTEREST AVERAGE INTEREST AVERAGE
AVERAGE INCOME/ YIELDS/ AVERAGE INCOME/ YIELDS/
BALANCES EXPENSE RATES BALANCES EXPENSE RATES
ASSETS
Securities................................ $978,192 36,029 7.43% $1,054,073 37,932 7.26%
Federal funds sold and securities
purchased under resale agreements....... 118,798 3,544 6.02% 85,321 1,566 3.70%
Loans and leases, gross................... 2,171,070 95,115 8.83% 1,962,471 78,176 8.03%
--------- ------- --------- -------
Total earning assets.................... 3,268,060 134,688 8.31% 3,101,865 117,674 7.66%
Other nonearning assets................... 308,343 - - 308,681 - -
--------- ------- --------- -------
Total assets.......................... $3,576,403 134,688 - $3,410,546 117,674 -
========== ------- ========== -------
LIABILITIES & STOCKHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest checking........... $860,404 10,431 2.44% $922,864 9,537 2.08%
Time deposits........................... 1,430,354 40,381 5.69% 1,288,256 29,217 4.57%
--------- ------- --------- -------
Total interest-bearing deposits....... 2,290,758 50,812 4.47% 2,211,120 38,754 3.53%
Short-term borrowings..................... 220,452 5,905 5.40% 211,790 3,356 3.20%
Federal Home Loan Bank borrowings......... 152,305 4,721 6.25% 88,874 1,834 4.16%
Long-term debt............................ 2,134 116 10.96% 2,402 128 10.75%
Capitalized leases........................ 9,932 474 9.61% 10,191 486 9.62%
--------- ------- --------- -------
Total interest-bearing funds............ 2,675,581 62,028 4.68% 2,524,377 44,558 3.56%
Demand deposits........................... 497,913 - - 504,684 - -
Other noninterest-bearing funds........... 50,521 - - 45,907 - -
Stockholders' equity...................... 352,388 - - 335,578 - -
--------- ------- --------- -------
Total liabilities and equity.......... $3,576,403 62,028 - $3,410,546 44,558 -
Net interest margin on a tax ========== ------- ========== -------
equivalent basis.................... $72,660 4.48% $73,116 4.75%
======= ===== ======= =====
Note: Income and rates are stated on a tax-equivalent basis assuming a marginal
tax rate of 35%.
7
FIRSTIER FINANCIAL, INC.
Under-performing assets as a percent of total loans,
leases, other real estate owned and repossessed assets was
.49% at June 30, 1995 compared to .74% at June 30, 1994.
Non-accrual loans as of June 30, 1995 totalled $7,847,000,
down 21.6% from the second quarter of 1994. Total
under-performing assets at June 30, 1995 total
$10,817,000, which represents a $2,071,000 or 16.1%
decrease from March 31, 1995 and a $4,195,000 or 27.9%
decrease from June 30, 1994. Additional information
regarding the balance of non-accrual loans at June 30,
1995, and related interest payment information is
provided on page 9.
Total non-interest income for the second quarter of 1995
was $14,360,000 which is up $1,093,000, or 8.2% from the
same period in 1994. The increase in non-interest income
from the previous year is mainly attributable to Service
Charges on Deposits Accounts which increased $560,000 or
14.6%, and to Trust Services income which increased
$203,000 or 5.1%.
Total non-interest expense of $28,785,000 for the quarter is
up $478,000, or 1.7%, from the same period in
1994.
Salaries and Benefits expense of $13,958,000 for the
quarter are up $332,000 or 2.4%. Credit card processing
expense was up $133,000 or 10.0% in the second quarter of
1995, primarily due to increases in merchant volume.
As of June 30, 1995, FirsTier employed a staff of 1,771
FTE which is up 250 FTE, or 16.4%, from the June 30, 1994
employment level. This increase is primarily due to the
acquisition of Cornerstone Bank Group in Iowa on January 3,
1995.
Material Changes in Financial Condition
All companies included in the consolidated financial
statements are "financial" companies. Accordingly,
average balances of assets and liabilities are more
representative of financial condition than balances as
of period-end. The schedule of Average Balances/Yields and
Rates on page 7 shows average balances of earning assets
and interest bearing liabilities for the periods being
reported. Because these average balances are an integral
part of the financial statements, all comments as to
significant volume changes refer to average balances unless
otherwise indicated.
Total assets of $3.63 billion for the second quarter of 1995
were up 5.1% from the same period in 1994. Loans have
increased $216.0 million, or 10.9%. Average securities
of $995.9 million, which included securities available for
sale as of June 30, 1995 of $232.6 million, decreased
$57.9 million or 5.5% from 1994.
-8-
FIRSTIER FINANCIAL, INC.
NONACCRUAL LOAN SUMMARY
June 30, 1995
Generally, the accrual of income is discontinued when the full collection of
principal or interest is in doubt, or when the payment of principal or
interest has become contractually 90 days past due unless the obligation is
both well secured and in the process of collection. Nonaccrual loans and and
the application of cash interest payments on those loans as of June 30, 1995
are as follows ($ in thousands):
Cash interest payments applied as
Contractual ---------------------------------
Book balance balance at Recovery of Reduction
at June 30, June 30, Interest partial prior of
1995 1995 income charge-offs principal
------------ ----------- ---------- ------------- ----------
Contractually past due with:
o substantial performance 172 198 0 0 3
o limited performance 1,077 1,532 1 0 122
o no performance 834 955 0 0 11
Contractually current, however,:
o payment in full of principal
or interest in doubt 4,797 10,524 53 0 343
o other 967 1,319 2 0 87
------------ ----------- ---------- ------------- ----------
Total $7,847 $14,528 $56 $0 $566
------------ ----------- ---------- ------------- ----------
------------ ----------- ---------- ------------- ----------
-9-
FIRSTIER FINANCIAL, INC.
Total deposits for the second quarter averaged $2.83
billion which was up $97.7 million, or 3.6%, from the same
period in 1994. Time deposits have increased $139.0
million or 10.5% from the second quarter of 1994 and demand
deposits have increased $5.9 million or 1.2% while
savings and interest checking deposits have decreased
$47.2 million or 5.2%.
Net funds purchased of $100.7 million (the difference
between "short-term borrowings" and "federal funds sold and
securities purchased under resale agreements") decreased
$2.7 million from the average net purchased position in
the second quarter of 1994.
Long-term debt as of June 30, 1995 of $12.0 million,
consisting of a mortgage loan by the Lincoln Bank and
capitalized leases of the Omaha Bank, decreased $526,000
from June 30, 1994. The Parent Company had no borrowings
as of June 30, 1995.
Liquidity and Capital Resources
The maintenance of an adequate level of liquidity is
necessary to ensure that sufficient funds are available to
meet customers' loan demand and deposit withdrawals.
Sources of liquidity consist of maturities of securities
recorded at amortized cost, liquidation of securities held
for sale, maturing loans, federal funds sold and borrowings
from the Federal Home Loan Bank. Management also
considers customer-related core deposits and funds
borrowed to be stable and reliable sources of funding.
Liquidity is also important for the Parent Company. The
Parent Company's primary source of liquidity is dividends
and management fees from subsidiary banks. The Parent
Company's primary liquidity requirements are the payment of
dividends and expenses associated with management and
consolidated services provided to subsidiaries.
Management believes the Parent Company has adequate
liquidity to meet its funding needs.
At June 30, 1995 stockholders' equity was $365.1 million
compared to $338.5 million at June 30, 1994, an increase
of $26.6 million or 7.8%. The Tier 1 Leverage ratios
(tangible equity capital divided by adjusted average assets)
as of June 30, 1995 and June 30, 1994 were 9.65% and
9.50%, respectively. FirsTier's risk based capital ratios
as of June 30, 1995 were 14.27% for Tier I Capital and
15.53% for Total Capital.
-10-
FIRSTIER FINANCIAL, INC.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits -
(10) Material Contracts
(e)(iii) Amendment dated March 20, 1995 to
Executive Employment Agreement with
David A. Rismiller
(h)(iii) Amendment dated March 20, 1995 to
Executive Employment Agreement with
Jack R. McDonnell
(k)(i) Amendment dated August 6, 1995 to
Rights Agreement
(l) Change of Control Bonus Pool Plan
dated May 23, 1995
(20) Quarterly Report to Stockholders for the
period ended June 30, 1995 - Part I
Exhibit.
(b) Reports on Form 8-K
None.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunder duly authorized.
FIRSTIER FINANCIAL, INC.
Date: August 10, 1995 By: /s/ Jack R. McDonnell
-----------------------------
Jack R. McDonnell
Executive Vice President and
Chief Operating Officer
Date: August 10, 1995 By: /s/ Aaron C. Hilkemann
-----------------------------
Aaron C. Hilkemann
Director of Financial Operations
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