EXHIBIT 28.6
L.S.B. Bancshares, Inc. of South Carolina
CONSOLIDATED STATEMENTS OF CONDITION
(Unaudited)
Sept. 30, 1993 Sept. 30, 1992
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ASSETS
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Cash and due from banks $35,294,305.28 $32,531,957.48
Time deposits due from banks .00 .00
Investment securities 168,600,162.34 142,081,479.38
FHLB stock 1,551,100.00 .00
Federal funds sold and sec purch 12,100,000.00 2,375,000.00
Other investments 31,745,215.63 16,622,815.05
Securities trading account 1,561,268.31 3,000,000.00
Loans, net of unearned income 372,767,547.19 368,674,130.08
Allowance for loan losses (4,895,380.09) (4,535,167.34)
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Net loans 367,872,167.10 364,138,962.74
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Premises and equipment 14,378,645.54 12,874,938.47
Other real estate owned 1,866,542.29 2,109,433.07
Intangible assets 1,280,618.09 1,596,743.38
Other assets 9,818,193.57 8,921,341.86
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TOTAL ASSETS $646,068,218.15 $586,252,671.43
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LIABILITIES
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Deposits
Non-interest bearing demand $73,027,945.17 $59,181,299.59
Interest bearing 472,106,430.32 450,610,610.01
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Total deposits 545,134,375.49 509,791,909.60
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Short-term borrowings 45,014,923.75 29,181,673.57
Long-term debt 8,000,000.00 4,000,000.00
Other liabilities 2,955,965.89 3,781,954.16
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TOTAL LIABILITIES 601,105,265.13 546,755,537.33
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STOCKHOLDERS' EQUITY
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Common stock 6,720,070.00 6,623,260.00
Surplus 19,380,457.91 18,701,892.91
Undivided profits 14,135,288.27 10,071,192.02
Market valuation adjustment (26,697.75) (681.50)
Net income 4,753,834.59 4,101,470.67
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TOTAL STOCKHOLDERS' EQUITY 44,962,953.02 39,497,134.10
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $646,068,218.15 $586,252,671.43
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L.S.B. BANCSHARES, INC. OF SOUTH CAROLINA
CONSOLIDATED STATEMENTS OF EARNINGS
Nine Months Ended
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Sept. 30, 1993 Sept. 30, 1992
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INTEREST INCOME
Loans, including fees $24,648,758.63 $24,726,630.29
Investment securities:
Taxable 6,426,034.45 6,772,229.58
Tax-exempt 989,570.66 1,167,228.39
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Total Investment Securities 7,415,605.11 7,939,457.97
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Securities trading account 58,772.79 28,782.21
Dividends on FHLB stock 34,794.62 .00
Federal funds sold & sec purch 353,113.17 616,192.09
Tax refunds .00 48.17
Time balances (451.63) 1,989.45
Other investments 839,131.05 873,894.77
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TOTAL INTEREST INCOME 33,349,723.74 34,186,994.95
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INTEREST EXPENSE
Deposits 11,990,017.97 14,762,939.59
Federal funds purch. & sec. sold 794,020.61 635,986.17
Short-term borrowings 20,547.51 27,511.80
Long-term debt 200,340.06 144,934.22
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TOTAL INTEREST EXPENSE 13,004,926.15 15,571,371.78
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Net interest income 20,344,797.59 18,615,623.17
Less: Provision for Loan Losses 1,162,000.00 1,880,000.00
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Net interest income after provision 19,182,797.59 16,735,623.17
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OTHER OPERATING INCOME
Trust department income 286,324.84 166,013.49
Service charges on deposit accounts 2,860,332.56 2,245,520.69
Insurance commissions 132,220.50 108,225.19
Other service charges & commissions 1,263,432.24 1,080,701.18
Net securities gains 132,749.01 326,649.10
Trading account gains 74,851.03 .00
Net gain on sale of ORE 6,130.90 .00
Gain on disposition of assets (7,866.98) .00
Other income 561,946.47 353,728.72
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TOTAL OTHER OPERATING INCOME 5,310,120.57 4,280,838.37
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OTHER OPERATING EXPENSE
Salaries & employee benefits 9,364,018.08 8,031,790.91
Occupancy expense 911,058.97 817,951.29
Furniture & equipment expense 1,462,673.45 1,238,850.61
Net securities losses .00 .00
Trading account losses .00 .00
Net loss on sale of ORE .00 236,495.81
FDIC assessment 896,978.95 822,735.67
Other expense 5,111,006.12 4,126,276.58
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TOTAL OTHER OPERATING EXPENSE 17,745,735.57 15,274,100.87
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Income before income taxes 6,747,182.59 5,742,360.67
Less: Provision for income taxes 1,993,348.00 1,640,890.00
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NET INCOME $4,753,834.59 $4,101,470.67
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L.S.B. BANCSHARES, INC. OF SOUTH CAROLINA
Consolidated Statements of Cash Flows
(Dollars in thousands)
Ended September 30,
1993 1992
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(unaudited)
Operating Activities
Net income $ 4,754 $ 4,101
Adjustments to reconcile net income to net cash
provided by operating activities
Provision for loan losses 1,162 1,880
Depreciation and amortization 1,107 800
Writedowns of other real estate 215 222
Amortization of intangibles 255 2
Amortization of net loan fees and costs 156 144
Accretion and premium amortization 732 155
Gain on sale of investment securities (133) (192)
Realized gain on sales of other investments (126)
Net securities trading account activities (1,561) (3,000)
Net mortgage loans held for sale activities (50) 687
Gain (loss) on sale of other real estate (6) 236
Decrease in interest receivable 441 818
Decrease in interest payable (315) (455)
(Increase) decrease in prepaid expenses and other
receivables (1,676) 1
Increase in other accrued expenses 440 1,005
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Net cash provided by operating activities 5,521 6,278
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Investing Activities
Net decrease in time deposits in other banks 100
Sales of investment securities 4,681 26,050
Maturities of investment securities 57,104 71,836
Purchases of investment securities (94,756) (102,341)
Increase in other investments (15,145) (7,150)
Net increase in loans made to customers (5,772) (41,789)
Purchases of premises and equipment (2,555) (2,914)
Sales of other real estate 1,497 2,197
Net cash received in branch office acquisitions 20,968
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Net cash used by investing activities (54,949) (33,043)
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Financing Activities
Net increase (decrease) in demand deposits, interest
checking and savings accounts (5,916) 6,999
Net increase (decrease) in certificates of deposits and
other time deposits 11,538 (7,187)
Net increase in short-term borrowings 12,387 14,452
Additional long-term debt 4,000 2,000
Sale of common stock 628 233
Cash dividends paid (1,281) (1,188)
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Net cash provided by financing activities 21,356 15,309
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Increase (decrease) in cash and cash equivalents (28,072) (11,456)
Cash and cash equivalents, January 1 75,466 46,363
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Cash and cash equivalents, September 30 $47,394 $34,907
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